• Rose and Rose Solicitors

No tax deduction means tax return

As a result of the introduction of the new 'Personal Savings not need to before. HM Revenue and Customs (HMRC) have advised Allowance', from 6 April 2016 some forms of interest income no longer have tax deducted at source. In future, banks, building societies and National Savings and Investments will no longer deduct tax from the interest payments they make.

One practical effect of this is that some trustees and personal representatives of estates will have to file tax returns where they did that they 'will not require notification from trustees or personal representatives dealing with estates in administration where the only source of income is savings interest and the tax liability is below £100'.

Where the income exceeds this figure, HMRC will have to be notified.

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