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Personal Savings Tax Allowance

AlfieMacsen · 2025-03-24 10:20:53

Like many I have received more than £1000 in interest for 23/4 tax year. However HMRC are saying to me that Banks & Building societies take the £1000 off the amount before submitting it to them. So they will tax the whole amount submitted to them. This seems unlikely since I have several accounts in different institutions.…

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M4rkOne97One Posts: 42 Forumite

25 March at 5:56PM

surreysaver said:

AlfieMacsen said:

There appears to be no disagreement about how much interest I received just how the tax is calculated. "On line" does not answer this, only shows what is the correct way. Wish I had done SA anyhow.

Here is the answer online

https://www.gov.uk/apply-tax-free-interest-on-savings

The online guidance is perfectly easy to understand. Thanks.

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