12/10/2026
💷 HMRC Savings Interest Tax Letters.
From late September 2026, HMRC began issuing P800 tax calculations and Simple Assessment (PA302) notices relating to savings interest earned during the 2025/26 tax year.
If you've received interest from bank or building society accounts, it's worth keeping an eye out for correspondence from HMRC.
📌 What you should know:
✅ Banks and building societies report interest earned directly to HMRC each year.
✅ If tax is due and you're employed or receiving a pension through PAYE, HMRC may collect it by adjusting your tax code.
✅ If the tax can't be collected through PAYE, or the amount owed exceeds £3,000, you'll receive a Simple Assessment explaining what you owe and how to pay it.
⚠️ Some taxpayers may receive two Simple Assessments for the same tax year. This can happen if HMRC receives additional savings interest information after the first notice has been issued. If this happens, the second notice will show the total tax due for the year, including any amount already paid, so don't forget to deduct previous payments before paying the balance.
💡 Remember, many people can earn savings interest without paying tax thanks to:
The Personal Savings Allowance (up to £1,000 for basic-rate taxpayers)and any unused Personal Allowance
📋 If your income from savings and investments exceeds £10,000, you may need to complete a Self Assessment tax return instead.
It's also common for HMRC's figures to differ from the interest shown on your statements, as HMRC only includes taxable interest and may use estimated figures when setting tax codes.
