David also earns £1,100 in savings interest. Because he’s a basic-rate taxpayer, he has to pay 20% tax on £100 of interest earned above his £1,000 allowance. David owes £20 tax on his savings interest. HMRC takes this by adjusting David’s tax code, unless he pays it ...
The financial information to be reported with respect to reportable accounts includes all types of investment income (including interest, dividends, income from certain insurance contracts and other similar types of income) but also account balances and sales proceeds from financial assets. The financial...