[UK] Do I need to report to HMRC if I earn less than £1,000 (personal savings allowance (PSA) basic rate taxpayer) in interest? I also have CGT of less than £12,000.

  • 1
    On the CGT, it's worth mentioning that even if your capital gains are below the threshold, you may still need to declare them if "the total amount you sold the assets for was more than 4 times your allowance" - see gov.uk/capital-gains-tax/work-out-need-to-pay
    – timday
    Jun 10 '20 at 19:43
  • @timday Yes, but that's something you do if already filing a return, not something that would oblige you to file a return per se.
    – richardb
    Jun 11 '20 at 11:16
  • @richardb: My understanding is there would be a requirement to report it. For example, the flowchart at rossmartin.co.uk/private-client-a-estate-planning/… for the case of gains below the allowance but disposals of four times the allowance for a non-SAer leads to the box "Either report using real time service or register for Self-Assessment".
    – timday
    Jun 11 '20 at 14:43

No, if you aren't doing anything complicated. The intention is to get basic things like PAYE and interest from banks and building societies filed electronically, rather than you having to manually let them know by filing a tax form.

In fact, even if you earn more than the PSA, they don't really want you to file taxes because they know anyway.

"You need to register for Self Assessment if your income from savings and investments is over £10,000." https://www.gov.uk/apply-tax-free-interest-on-savings

  • "No, if you aren't doing anything complicated" - I guess that apart from interests in savings, shares and dividends, the only 'complicated' thing is cryptocurrency-related stuff I have, however still under PSA, so I suppose I don't have to worry. Jun 9 '20 at 7:20

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