Gilt coupon income - report to HMRC without SA?

jifmoose

Quick question, apologies if this has been asked before.

I currently don't perform self-assessment, for savings accounts just relying on the banks to report interest to HMRC for tax collected when above the PSA (which I will exceed). They've been doing this accurately and I do have a personal tax account.

If I held a low-coupon gilt outside a wrapper, come April HMRC will need to be told the coupon/accrued income in order to apply the correct tax even if it's a fairly small amount. Is a full self-assessment needed for this, or is there a less heavyweight method e.g. through the personal tax account?

DRS1

I do not know if you would have to do self assessment but you could try using the Add Investment Income button on your personal tax account.

Oh and don't forget the accrued income scheme.

masonic

Years ago, I used to send them an annual letter with non-savings interest details. But that was before PTA. I've been on SA since.

samal

So how do you declare accrued income scheme on SA

DRS1

You could look here

HS343 Accrued Income Scheme (2025) - GOV.UK

In simple terms you add or subtract a figure to or from the interest received on the gilt (as shown in your consolidated tax certificate). Don't just copy over the figure shown in the CTC.

jifmoose

Thanks everyone. I wouldn't mind sending a letter or phoning, it'd be nice it that was sufficient. I'll have a look at the Add Investment Income route on the PTA. Low-coupon gilts e.g. TN28 held to maturity are quite a nice fit for my use-case, I can easily buy them through ii and on paper considering tax are quite attractive (given big regular savers paying off and some changes of circumstance)… but having to go full SA to declare the few pounds in coupon income is a strike against for sure.