Information on how savings interest is taxed and documented
This information is for people who have opened an Investec bank account and paid money into it.
If you have an Online Savings Account with Investec, please visit our Online Savings FAQs webpage for information about tax and accessing interest certificates.
Your questions answered
Below we've answered questions we're regularly asked about tax on savings interest earned. If you have a question that's not answered, we'd appreciate you telling us via our feedback form.
Is the interest I earn taxed?
No. We don’t deduct any tax from the interest payments we make into your account.
This doesn’t mean the interest is tax-free income. Whether you need to pay tax on the interest depends on your specific circumstances and income.
How do I know if I owe tax on the interest I earned?
It's likely you'll need to speak to a professional tax or financial advisor or submit a personal tax return to find out.
We can’t give you specific tax advice. At the end of the tax year, we’ll send you an interest certificate. This is for your records only and shows how much interest you’ve earned with Investec. It doesn’t show whether you owe any tax.
It’s up to you and, if you have one, your accountant or advisor, to calculate, report and pay any tax you owe on interest you’ve earned. The HMRC website has more information on tax on savings interest.
Will I receive a tax certificate on interest earned?
At the end of the tax year, we’ll send you an interest certificate for each account you hold with us.
Why do you need my tax information as part of the account opening process?
This is a legal obligation. Financial institutions in the UK are required by law to collect tax information on their clients.
Do you tell anyone about the interest I earned?
We report to HMRC annually the interest our customers earn. This is a legal obligation for all financial institutions in the UK.
HMRC may then share this information with overseas tax authorities under the international information sharing agreements that the UK has entered into, like the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS).
Are there any tax implications of having an Investec UK bank account?
It’s possible that you’ll need to pay tax on the interest you earn in the UK. If you file tax returns in other countries, also known as being a tax resident, you may have to pay tax on UK interest in those countries too. There may also be other tax implications of having an Investec UK bank account. We can’t give specific tax advice. If you’re not sure about your tax obligations, you should get professional tax advice.