© Crown copyright 2021
This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: email@example.com.
Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned.
This publication is available at https://www.gov.uk/government/publications/type-17-and-18-bank-building-society-interest-and-other-interest-returns-of-interest-and-eusd/bank-and-building-society-bbsi-european-union-savings-directive-eusd-and-other-oi-returns-of-interest
HMRC uses powers under Schedule 23 to Finance Act 2011 to require information about interest earned or credited to accounts of UK residents, by financial institutions in the UK.
Failure to make a return when asked to do so by HMRC may result in penalties.
The types of return used to provide this information are:
- a bank and building society interest (BBSI) return – required by HMRC from banks and building societies operating in the normal course of their business (formerly known as Type 17 returns)
- an other interest (OI) return – required by HMRC from financial institutions that are not operating as a bank or building society, in the normal course of their business (formerly known as Type 18 returns)
Some banks and building societies may need to complete both returns. The notice sent to you by HMRC will tell you the type of return(s) you need to make.
BBSI and OI reports are restricted to investors with addresses in the UK.
To help you to meet your reporting responsibilities, you should refer to the relevant guidance. These guides do not affect your right to appeal and they are not a full statement of the law (past or present).
Bank and building society interest (BBSI) return guidance
The following BBSI guidance was refreshed in February 2021:
- BBSI guidance notes (part 1) – notes about the return
- BBSI guidance notes (part 2) – notes on how to format and submit your return
The refreshed guidance does not necessitate changes to your respective in-house IT systems for the purposes of 2020 to 2021 returns. This means you should make your return for 2020 to 2021 in the same way as previous years, following the BBSI guidance notes: 2018 to 2019 or the BBSI electronic flat text file: 2018 to 2019 specification.
Other interest (OI) return guidance
This guidance will help you to make your returns for 2018 to 2019 and onwards. It includes:
- OI guidance notes: 2018 to 2019
- OI custodian flowcharts
- OI electronic flat text file: 2018 to 2019 specification
Formatting your return
You must use either the HMRC spreadsheet or electronic flat text file to format your return. Returns submitted in a different format will be rejected.
For BBSI returns, use the HMRC spreadsheet template for BBSI (the HMRC reference number on the notice sent to you will begin with an A or B).
For OI returns use the HMRC spreadsheet template for OI (the HMRC reference number on the notice sent to you will begin with an L or S).
The spreadsheet template has conditional formatting that detects when specification requirements have not been met.
If you attempt to enter data in a protected field or use the wrong formatting, a pop-up message or highlighted fields will alert you of this. Refer to the guidance and re-enter the data correctly. Do not submit the spreadsheet until the issues are fixed.
The conditional formatting does not check the accuracy or suitability of the data you’re returning. The return may still fail when processed by HMRC.
Electronic flat text files
The BBSI electronic flat text files specification can be found in the BBSI guidance notes (part 2).
The OI electronic flat text files specification is its own document.
Submitting your return
You can submit your return by either:
- the Secure Data Exchange Service
- email attachment
- post or courier – only in exceptional circumstances where you cannot submit an electronic return and with prior agreement from HMRC (this option will be discontinued by 31 January 2022)
If you’re submitting your return by post or courier, you must complete a submission document and send it with your return.
Reporting other currencies
If your return includes data given in a currency other than sterling, you must provide the relevant (3-digit) ISO currency code for that currency.
Returns Bulletin: February 2021
Bulletins are issued to provide updates about changes to reporting processes.
Read the Returns Bulletin for February 2021.
To find out if your return has been received, or if it has passed or failed, Email: firstname.lastname@example.org.
You must give your:
- company name
- HMRC reference number (including sub-number)
- year of return
- details of when and how you submitted the return
For more advice on how to submit your return, or on how to complete forms, Email: DA.Enquiries@hmrc.gov.uk. Do not send your returns to this address.