The tax authority can automatically detect interest earned on savings in bank accounts ... life insurance contracts. HMRC further clarifies: "If you go over your allowance, you pay tax on any ...

HMRC has the capability to ... several types of income that count towards your Personal Savings Allowance, including savings and credit union accounts. Unit trusts, investment trusts, and open ...

HMRC has the capability to automatically detect interest accrued in your bank account, and if your savings interest exceeds a certain limit, you'll be issued a notice for additional tax.

HMRC is able to automatically detect interest on savings generated by your bank account and if you tip over a certain threshold, you will automatically be sent a notice of an extra tax bill.

Better still, the Current Account Switch Service means that your new provider does most of the admin for you. Here, we reveal the banks offering the biggest incentives to switchers and the pitfalls to ...

on a 5% savings account. When this happens, the information reported by your bank to HMRC would trigger the taxman to issue a P800 notice. Usually, this would be collected by a change of tax code ...