Savings Vaults - Fiscal Interest Reporting

Hi Graham,
new user here who can’t find a previous topic to my question, so please can you move it (and if you move it, please let me know where):

  • for those in the UK with a Savings Vault and earning interest above their Personal Savings Allowance (PSA): how long, in your experience, has it taken for the Lithuanian tax authorities to report your interest to HMRC? UK based banks need to report interest to HMRC by June each year, and then HMRC generally send out notices in October to all UK residents who have earned more than the PSA informing them that their PAYE tax code will be adjusted. As Revolut is established in Lithuania, I’m wondering if the Lithuanian tax authorities meet the June deadline? Or maybe in your experience they haven’t reported it at all and we just need to self-declare it? Just trying to plan, that’s all!
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Hi @numb15 and welcome.
I created a new topic for your post.
I trust the title reflects what you were intending but if not, let me know.

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Since you ask “for those in the UK…” I assume you are in the UK.

If you have a UK savings vault in the UK the reporting wouldn’t be from Lithuania. Revolut UK and Revolut in the EU are legally separate entities. Revolut UK is an e-money institution, the savings vaults are provided by partner banks in the UK. I’m not sure whether Revolut UK or the partner bank does the reporting, but since it’s a legal requirement it will be reported to HMRC. As it’s all UK based I would be surprised if they didn’t follow HMRC deadlines.

If you had an account in the EU and were a tax resident in the UK (or vice versa) there would only be cross border reporting if you have declared your tax status to the bank (not sure how fast this happens). Either way, if the reporting doesn’t happen or is late you have a legal obligation to declare it yourself.

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To add to the excellent post by @glesga if my understanding is correct, this comparison is undertaken electronically by HMRC against the declarations you make to them as you are required by law to do and it is not the case that any liability due is automatically calculated by them without your declaration.

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