Personal Savings: Taxation
Commons · Question 57759 · Tabled 5 Jun 2025 · Treasury · Official record
Answered 11 Jun 2025
Question
Asked by Andrew Snowden
To ask the Chancellor of the Exchequer, if HMRC will make an assessment of the potential merits of reinstating the practice of paying interest on savings net of tax.
Answer
Answered by Emma Reynolds, 11 Jun 2025
HMRC receives information from banks and building societies about the savings and investment income they have paid to their customers. Where possible, HMRC will match this information to a taxpayer’s record, and calculate any Income Tax due. If necessary,...