Interest from bonds within a general investment account

BarkingMad

I thought all UK financial institutions reported "interest" to HMRC but it looks like interest from bonds within a General Investment Account is not reported.

Can anyone confirm this?

I think I may need to make HMRC aware of this extra interest that hasn't been paid for several years. I think HMRC may be more lenient if I make the first move. Is there a specific way I should approach HMRC? 

I intend to get all the figures together before approaching HMRC. The bond interest is around £200 per year but has been a lot lower in some years. 

Thank you

dunstonh

Can anyone confirm this?

No.   Currently, not all data goes to HMRC. 

The responsibility is on the individual.   That said, HMRC will be able to obtain the data from platforms very soon, as systems are being created to do so.  However, it will still not be something you rely on to get you out of your reporting duties.  It will be to capture people who have failed to supply the information to HMRC.

How HMRC will use that data, and how far back it will be retrospective, is unknown.

masonic

Anecdotally, it would seem that it is not, so you should assume you'll need to declare it.

If it's only ~£200 per year will you have a tax liability on it? There isn't an obligation to declare unless you fill out a tax return or would need to pay tax on the income.