Consolidated tax statement does not show accrued gilt interest

aroominyork

My Interactive Investor consolidated tax statement shows gilt interest paid as coupons (inc. on maturity) but does not show accrued interest paid/received when buying/selling units. That makes it a pretty incomplete guide when completing self-assessment. You'd think their computers could give the full picture, wouldn't you…?

DRS1

Maybe but my HL statements never show the accrued income either. You have to go back to your contract notes if you haven't kept your own record.

They also don't show ERI figures so its not the only thing missing

aroominyork

Pretty useless piece of paper, then.

Is the consolidated tax statement what ii sends HMRC as their view on the interest I have been paid?

DRS1

I think I have seen a suggestion that it is not automatically sent to HMRC (unlike bank interest information). But the HL one says it "will be provided, when required…"

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81998376#Comment_81998376

HMRC's consulting on having brokers provide these data to it but presently, as a matter of course, they're not.

phlebas192

The ii CTC still doesn't show the interest paid by ii itself!

aroominyork

https://forums.moneysavingexpert.com/discussion/comment/82000023#Comment_82000023

True, those pennies - sometimes pounds - of interest. Well, we did OH's tax return last week and it didn't occur to me, and I'm not re-submitting it to add about £2 of income. De minimis.

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82000023#Comment_82000023

A matter I took ii to task last year.

Transpires interest earned on the GIA account is reported on a separate certificate under the 'correspondence' sub menu of Documents.

colalba

I complained to ii about tax cert not including interest paid a number of years ago. But they just said they were doing what HMRC required. It was only a few pounds in my case so I couldn't be bothered taking it further. As @posideon1 says from last year they did show it in a separate letter in the correspondence sub menu of documents.

aroominyork

If they were doing "what HMRC required", it's curious HMRC did not require them to provide a certificate summarising all taxable income. I have a feeling this is a 'don't look for logic in this' rabbit hole.

wmb194

I never use broker tax certificates. They have a tendency to misclassify things e.g., as dividends when it should be interest, investment trust dividends as unit trust dividends, foreign dividends as UK dividends (apparently because the shares are listed on the LSE…).

My record keeping is good enough that I can easily answer any HMRC queries (none so far) and it hasn't mattered to date because brokers don't submit them to HMRC unless asked. The errors will be more of an issue in the future when these data are submitted to HMRC every year as a matter of course: there's a recent thread with more info but I can't find it.