Banks + annual interest tax statement

Banks + annual interest tax statement

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are banks legally required to provide customers with a tax statement showing interest received in the tax year

they used to automatically issue and were always able to respond to written requests

seems that neither are now the norm or being honored - is there a legal requirement [ afterall they submit the same tax info to HMRC  ? ]

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Euan's picture
By Euan MacLennan
20th Feb 2015 12:03

On written request

The relevant legislation is s.975 ITA 2007, but note sub-section (2):

(2) If the recipient requests it in writing, the person must provide the recipient with a statement ...

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RLI
By lionofludesch
20th Feb 2015 12:25

To be fair ......

..... some banks have always issued them without request, others haven't.

As Euan says, the requirement is to "provide on request".

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