Re: Do "Banks" report savings interest to HMRC for you?
Posted: April 8th, 2024, 8:31 am
the0ni0nking wrote:Watis wrote:I would make it a requirement that the account holder receives a copy of all information sent to HMRC.
That would help people complete their tax returns correctly, if nothing else.
I can't see any downsides with my suggestion - can you?
Watis
Don't people still get sent annual interest summaries from their bank? I just checked and some I get online whereas others I receive a hard copy of.
From my experience, though I may be a bit negligent, this only happens in about 50% of accounts. I am particularly worried about paperless online accounts and about savings bonds which pay interest only at closure. In some instances I may close the account and end my relationship with that institution. I then might forget about it entirely by the time I get to fill in my SA.