[HMRC Tax Bulletin 22, April 1996]

Banks and building societies automatically take tax off the interest they pay to savers. (Previously basic rate tax but, from 6 April 1996, lower rate tax.) This arrangement suits the majority of savers as it means they pay the right amount of tax on their interest without having to take any action themselves.

In addition, people who do not have to pay tax on their interest can:

tell their bank or building society not to take tax off in future;

claim the tax back from the Inland Revenue.

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