SAIM4360 - Accrued Income Scheme: examination of returns

SA tax returns

Taxpayers are responsible for making the appropriate AIS adjustment to the figures for interest from savings and investments included in their self assessment return (boxes 10.12 to 10.14 and Tax Return Guide pages 12-13). The SA Tax Return Guide gives details. They may use the white space on the return to show how they have computed the adjustment, although they are not obliged to do so.

Information from third parties

The original AIS legislation contained powers to enable information to be obtained from third parties about transactions in securities for the purposes of the AIS (ICTA88/S728). This power was not rewritten in ITA07 and remains in ICTA88. HMRC officers should use normal information powers to obtain such information as they may require about entries made on returns in respect of the AIS. Where, exceptionally, it is thought necessary to uses the powers that ICTA88/S728 contains, to obtain information from third parties, a report should be made to CT&VAT (Financial and Insurance) Team before action is taken.