Overview
- Reports show some 2024–25 ‘simple assessment’ follow-up notices combined new savings-interest charges with amounts from earlier letters, creating a risk of overpayment for those who already settled the first bill.
- HMRC has advised accountants that the second notice reflects the total for the tax year and taxpayers should subtract any previous payments to calculate what remains due.
- An HMRC spokesperson said assessments are issued only after bank and building society data arrive, which has prompted second letters for some customers once additional interest information was received.
- HMRC issued around 1.32 million simple assessment notices in 2023–24, and more than a million are expected this year, indicating how widely any confusion could spread.
- AJ Bell estimates 1,160,000 people over state pension age will face income tax on savings in 2025–26, about 44% of all taxpayers with savings-interest liabilities.