Guidance

Bank and Building Society Interest returns: Bulletin April 2021

Published 2 December 2021

© Crown copyright 2021

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Returns Bulletin (23 February 2021) advised that:

HMRC have refreshed the published guidance produced to help you to make your Bank, Buildings Society Interest (BBSI) returns under Schedule 23 FA2011.

The refreshed guidance includes details of upcoming changes to reporting requirements, necessitating changes being made to your in-house IT systems by 30 June 2022 (and reflected in your 2022 to 2023 return). These relate to:

  1. A requirement to report all participants of partnerships or joint accounts (BBSI Returns Guidance (Part 1) Section 3.2: Partnerships and joint accounts and BBSI Returns Guidance (Part 2) Section 2.10.2: Partnerships and joint accounts-change to reporting).
  2. UTF-8 (no byte order mark) as per ISO 20022 to be used (BBSI Returns Guidance (Part 2) Section 4.9: Allowable Characters) when submitting your return using electronic flat text file.

Following further consideration, HMRC have decided to withdraw the requirement outlined in point ‘1’ (above) to report all participants of partnerships or joint accounts.

Instead HMRC ask you to continue, in accordance with HMRC’s BBSI Returns Tax Year 2018 to 2019 published guidance, ‘to move to declaring all participants’ for joint accounts only.

The requirement to use UTF-8 (no byte order mark) as per ISO 20022 when submitting your return using electronic flat text file, stands.

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