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Savings and tax

Tax on Savings Accounts

We will pay your interest Gross, this means that we will not deduct tax automatically from your interest. Dependent on your personal circumstances tax may be due on the interest and it is your responsibility to disclose and pay any tax due directly to HMRC.

Backdated Tax

If you think you've paid tax on your savings up to the end of tax year 2015/2016 that you shouldn't have, you can reclaim it from HM Revenue and Customs.

If you paid more tax than you needed to in a particular tax year, you have four years to claim your tax back.

You'll need a certificate of interest for each year you're claiming.

Certificate of interest

If you need a certificate of interest for past tax years, write to:

BM Savings team
Birmingham Midshires
PO Box 81
Wobaston Road
Wolverhampton
WV9 5BR

FSCS – protecting your money. Find out more here.

Gross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs.

AER means Annual Equivalent Rate. AER illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different offers.

Tax free is the contractual rate of interest payable where interest is exempt from income tax.

For telephone line opening times, please read the information in our contact section. Calls may be monitored and recorded for security and training purposes. If you're calling from outside the UK, please dial +441902 428 311.

© Birmingham Midshires
This site is intended for UK residents unless otherwise stated.
Birmingham Midshires is a division of Bank of Scotland plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628. Registered office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland No. SC327000.
To contact the FCA Consumer helpline, please ring 0800 111 6768. Alternatively call the Money Advice Service on 0300 500 5000 or visit www.moneyadviceservice.org.uk.