Short Tax Return - Interest in Bank Accounts


Short Tax Return - Interest in Bank Accounts

Postby anthonypaul on Fri Jun 03, 2011 11:50 am

My wife has the grand total of £1.40 untaxed interest in her bank account for the tax year - does this need to be declared or is there a lower limit figure under which it doesn't have to be declared?

regards

Paul
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Re: Short Tax Return - Interest in Bank Accounts

Postby section 44 on Fri Jun 03, 2011 12:05 pm

Does she have a tax liability?
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Re: Short Tax Return - Interest in Bank Accounts

Postby anthonypaul on Fri Jun 03, 2011 12:39 pm

yes
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Re: Short Tax Return - Interest in Bank Accounts

Postby section 44 on Fri Jun 03, 2011 2:49 pm

You have your answer.

Either she has incorrectly claimed to be entitled to receive interest without tax deducted or she has failed to notify HMRC that she is liable to pay income tax but, either way, she has tax to pay (there is no de minimis).
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