Income Tax Statements

Keith601

Hi There

Can anyone tell me what the rules are, governing all Account statements for income tax purposes.

Do the Banks have to send these out by law, or do they have to be applied for.

I need these statements as I have to fill in a Tax return. Some Banks do, send them out but with others I have had to make a request.

Thanks

Keith

Mithos

Keith601 wrote: »

Hi There

Can anyone tell me what the rules are, governing all Account statements for income tax purposes.

Do the Banks have to send these out by law, or do they have to be applied for.

I need these statements as I have to fill in a Tax return. Some Banks do, send them out but with others I have had to make a request.

Thanks

Keith

Normally (in my experience as a saver only) most banks/BS send them out during April... on OPEN account's If you have closed account's during the last tax year they don't automatically send them.

Surely it would save time to just give the banks a ring and find out?

AirlieBird

A bank or building society has a legal duty to provide one if you ask for one in writing. They are under no obligation to send them out automatically.
http://www.hmrc.gov.uk/manuals/bamanual/BAM44045.htm

munk

I wonder what the situation is regards charging for income statements by banks?

I've not received an income statement from A&L for my Premier Direct account - odd because I have had one for the eSaver account. You can order the income statement online but they say there's a charge for it - though whether that's for a duplicate statement I don't know. Will have to contact CS about it I guess.

earlgrey_3

Yes, I've been surprised that tax certificates aren't sent out automatically any more. I also got the impression from Abbey that they charged if one was requested but from AirlieBird's useful link that's clearly not so.

I've just closed three accounts with Abbey and even more surprised that they don't send any closing statement of any kind now. Even worse, as soon as they close an account they block access to your on-line statement - so if you don't take a printout before requesting closure you're stuffed.

When I closed one account I got a cheque (eventually) for the closing balance and that was it. With another, I cleared the balance and asked for the interest to be paid to the remaining Abbey account. The interest just appeared in the other account and didn't get so much as a confirmation of the closure.

The IR don't require the tax certs any more for self-assessment but I wonder if it might be wise to request them each year in case they want to have a closer look at a later date (as they did with me a couple of years back).