Personal saving allowance: Do you still need to declare bank interest on a SA
Posted: Wed Jan 11, 2017 9:30 am
Personal saving allowance: Do you still need to declare bank interest on a Self Assessment form?
The Personal Saving Allowance means that the first £1000 of bank interest is tax free.
https://www.gov.uk/government/uploads/s ... /sa150.pdf
^ The Self assessment guidance says the following:
(Page TRG 7)
You must include in your return the interest you receive on bank, building
society and other savings accounts, and on loans, unless it is specifically
non-taxable. You must include interest in kind here.
So does that mean you no longer have to declare the interest (because the personal saving allowance means it’s no longer taxable)?
https://www.gov.uk/government/publicati ... need-to-do
^ But then the gov.uk page on the Personal Savings Allowance says the following:
7. If you fill in a Self Assessment tax return you should carry on doing this as normal.
So does that mean you do have to declare it, because that would be the normal thing to do?
The Personal Saving Allowance means that the first £1000 of bank interest is tax free.
https://www.gov.uk/government/uploads/s ... /sa150.pdf
^ The Self assessment guidance says the following:
(Page TRG 7)
You must include in your return the interest you receive on bank, building
society and other savings accounts, and on loans, unless it is specifically
non-taxable. You must include interest in kind here.
So does that mean you no longer have to declare the interest (because the personal saving allowance means it’s no longer taxable)?
https://www.gov.uk/government/publicati ... need-to-do
^ But then the gov.uk page on the Personal Savings Allowance says the following:
7. If you fill in a Self Assessment tax return you should carry on doing this as normal.
So does that mean you do have to declare it, because that would be the normal thing to do?