In an updated version of the tax information and impact note published at Autumn Statement 2015 HMRC has confirmed that for the tax year 2016/17 it will not require notification from trustees or personal representatives dealing with estates in administration where the only source of income is savings interest and the tax liability is below £100. This is to help avoid additional burdens on trusts and estates following the ending of tax deduction at source by banks and building societies when the new personal savings allowance is introduced in April 2016. See www.bit.ly/1UUoE3F. HMRC has not yet decided on reporting arrangements for years after 2016/17.
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In an updated version of the tax information and impact note published at Autumn Statement 2015 HMRC has confirmed that for the tax year 2016/17 it will not require notification from trustees or personal representatives dealing with estates in administration where the only source of income is savings interest and the tax liability is below £100. This is to help avoid additional burdens on trusts and estates following the ending of tax deduction at source by banks and building societies when the new personal savings allowance is introduced in April 2016. See www.bit.ly/1UUoE3F. HMRC has not yet decided on reporting arrangements for years after 2016/17.
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