Written Question·Treasury·UIN 57759
Personal Savings: Taxation
Tabled: 5 June 2025
Answered: 11 June 2025
Named DayQuestion
Mr Andrew Snowden
Conservative — Fylde
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
Emma ReynoldsHMRC 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,...
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