Last year the requirement to deduct tax at source on bank, building societies and National Savings and Investments (NS&I) income was removed and income from these sources is now paid gross.
This means that trustees and personal representatives have increased reporting requirements. As a result, HMRC introduced interim arrangements so that trustees or personal representatives did not have to submit returns where the only source of income is savings interest, and the tax liability is below £100. HMRC have extended these arrangements to include the 2017 to 2018 tax year.
If you would like advice, please contact Sarah Gray on 01788 539000.