Bank Interest tax changes
‘A great many savers will have no idea that, from April, they may for the first time have to check whether they need to report or pay tax on interest they have received, rather than have their bank deduct the tax they owe.’
Chairman of the House of Lords’ Economic Affairs Committee, Lord Hollick, commenting on HMRC’s ‘inadequate’ communication strategy that has rendered taxpayers ‘unaware’ of key changes to the taxation of savings and dividends.