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  1. #1

    Richer than sasguru

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    Default Declaring interest earned on savings on tax return

    Does anyone actually do this?

    I know a few people with sizeable wads of money in the bank who are higher rate tax payers and they never declare the interest earned and nothing ever seems to come of it. Does the tax man know or care?
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  2. #2

    Respect my authoritah!

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    I do.

    Or rather, I did. Now I get the interest gross, because I'm non-dom.
    --drunk on abuse of power--

    I donít think there can be a group of people on earth more convinced of their own rightness, more dismissive of other peopleís interests and beliefs, or more dogmatic and humourless about their own massively unappealing and totally irrelevant weltanschauung than the ďI donít believe in GodĒ squad. - Giles Coren

  3. #3

    Richer than sasguru

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    How did you get the non-dom status? Were you or your father born outside of the UK and are all the savings held offshore?
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  4. #4

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    I declare it ( or the bits I haven't lost the paperwork to ). It would be dead easy to catch people as it's all against your NI No but our useless lot !?! In Oz I left a few dollars off, got an automated letter a few weeks later, pay up or else, I did.

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    Default

    I delcare about two pounds a year on my personal savings. No problems so far from Mr tax man...


  6. #6
    AtW
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    My post count is Majestic

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    Quote Originally Posted by DimPrawn View Post
    Does anyone actually do this?
    Always. The UK banks take away tax anyway, so HMRC must have got some clues already about names of people who had tax taken off the interest they earned.

  7. #7

    Richer than sasguru

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    Has anyone ever been "investigated" on a personal level into the details of a tax return?
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  8. #8

    Contractor Among Contractors

    miffy is too good to be a permie

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    Quote Originally Posted by DimPrawn View Post
    Does anyone actually do this?
    I started putting it down when I got my first self assessment form as a permie.

    I kinda wish I hadn't bothered now though. They know I have a decent amount of savings now
    Eat Right, Exercise, Die Anyway.

  9. #9

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    NotAllThere - scorchio!

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    Quote Originally Posted by DimPrawn View Post
    How did you get the non-dom status?
    I emigrated. I'm non-domiciled, non-resident, non-ordinarily resident. And I don't visit the UK very often or for very long.
    --drunk on abuse of power--

    I donít think there can be a group of people on earth more convinced of their own rightness, more dismissive of other peopleís interests and beliefs, or more dogmatic and humourless about their own massively unappealing and totally irrelevant weltanschauung than the ďI donít believe in GodĒ squad. - Giles Coren

  10. #10

    Richer than sasguru

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    Quote Originally Posted by NotAllThere View Post
    I emigrated. I'm non-domiciled, non-resident, non-ordinarily resident. And I don't visit the UK very often or for very long.
    Your domicile is generally where you were born (or where your father was born), regardless of where you live now and for how long.

    A lot of people confuse domicile with residency.
    Global economic downturn, banking crisis, bail-ins, negative interest rates, depositor haircuts...Golden opportunity awaits

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