Declaring interest to HMRC – summary of Guidance Note

 

DISCLAIMER: Low Carbon Gordano Limited is not a registered Independent Financial
Adviser and the following guidance is given in good faith. Members should seek independent
advice if they have any concerns about their tax position.

The full Guidance Note can be downloaded HERE

Because of new rules that started in April 2016, if there is tax due on your interest on LCG shares combined with other shares and interest then HMRC should be in contact with you regarding how the tax is to be paid over (as a payment or through your tax code).

This being the case you do not have to start to do a tax return on account of
receiving LCG interest.

(If you do already complete a tax return then the interest from LCG should
be recorded as “Untaxed UK interest etc” on your tax return).

You should not need to contact HMRC to alert them that tax is due on interest from LCG; however, if you think that tax may be due and HMRC have not contacted you then consult with a financial adviser or with HMRC direct (Income Tax queries: 0300 2003300).

 

The following websites provide additional information about taxable allowances:

https://moneyfacts.co.uk/guides/savings/how-are-my-savings-taxed/

https://www.gov.uk/topic/personal-tax/income-tax

https://www.gov.uk/income-tax-rates

https://www.gov.uk/apply-tax-free-interest-on-savings

 

 

Updated 31/1/2018