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Short Tax Return - Interest in Bank Accounts

anthonypaul
Posts: 17
Joined: Fri Apr 01, 2011 1:32 pm

Short Tax Return - Interest in Bank Accounts

Postby anthonypaul » 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

section 44
Posts: 3723
Joined: Thu Oct 30, 2008 12:47 pm

Re: Short Tax Return - Interest in Bank Accounts

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

Does she have a tax liability?

anthonypaul
Posts: 17
Joined: Fri Apr 01, 2011 1:32 pm

Re: Short Tax Return - Interest in Bank Accounts

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

yes

section 44
Posts: 3723
Joined: Thu Oct 30, 2008 12:47 pm

Re: Short Tax Return - Interest in Bank Accounts

Postby section 44 » 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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