Taxable Interest

[OddityOddityOdd]

The hike in interest rates means that I'm liable for interest on savings for the first time as it exceeds my £1K allowance. I'm a pensioner and pay tax via my work pension on a PAYE basis. Does anyone know whether I will be taxed automatically or whether I need to fill out a tax form? The savings are in NSI bonds & high street bank ISAs. Do these providers notify HMRC directly or do I need to contact them ? I don't want to get in a mess with tax but I'm struggling to find info on this.

@OddityOddityOdd If you haven't used your £20k ISA allowance for this tax year, look at transferring up to that amount into a high interest cash ISA asap. Trading 212 and Moneybox are both paying over 5% interest, and there are loads offering 4-5%.

Thanks, I'll take a look.