Bank and Building Society Interest returns: Bulletin February 2021
Published 2 December 2021
© Crown copyright 2021
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HMRC have refreshed the guidance they publish to help UK financial institutions make their bank and building society interest (BBSI) returns (under Schedule 23 of the Finance Act 2011).
The guidance previously included:
- BBSI guidance notes: 2018 to 2019
- BBSI electronic flat text file: 2018 to 2019 specification
The refreshed guidance includes:
- BBSI returns guidance (part 1) version 2.0
- BBSI returns guidance (part 2) version 2.0
HMRC is working with financial institutions to explore any aspects of the guidance needing further clarification, any necessary changes will be reflected in a revised version being published.
The refreshed guidance includes details of upcoming changes to reporting requirements, which may necessitate changes to financial institutions’ in-house IT systems by 30 June 2022, reflected in financial institutions’ 2022 to 2023 returns and include:
- a requirement to report all participants of partnerships or joint accounts
- UTF-8 (no byte order mark) as per ISO 20022, to be used when submitting your return using electronic flat text file
2020 to 2021 returns
For the purposes of making 2020 to 2021 returns, financial institutions should make and submit these in the same way as previous years, following: