Bank and Building Society Interest returns: Bulletin December 2021
Published 14 December 2021
© Crown copyright 2021
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HMRC have published new guidance for use when making bank, building society interest (BBSI) and other interest (OI) returns, which includes:
- updated general guidance and the types of interest you should report
- step-by-step instructions on ‘How to complete a return’
- a newer HMRC spreadsheet template
All other existing guidance has been removed.
The new guidance, Bank and Building Society Interest and Other Interest returns has been published.
The new guidance written in plain, simple language, includes links throughout to help navigate through it.
It comprises new and revised sections including:
- nil returns
- negative interest
- interest no longer needing to be reported for example to persons holding funds on behalf of a person with a physical or mental health condition or disability as a result of a court order (such as criminal injuries compensation or personal injury awards)
- categorisation of person(s)
- joint accounts
- partnerships, including designated and undesignated client accounts
- trusts
- deceased investors
The guidance is produced to help you make a return which complies with HMRC data standards. Familiarise yourself with its contents before making your next return.