Psa Interest

[BJS]

In today's Daily Mail in the Money Mail section they go on about the total confusion of PSA interest. Maybe I am totally thick but as I would be lucky to amass even £100 interest, for the majority of saver's such as myself I see no problem just a bit of extra money in my pocket. Obviously there are people out there with huge savings and to them there might be a problem but if they are getting that amount of interest they probably wont be worried anyhow. Have I missed something.

[Dogsbody2]

No, its a storm in a Daily Mail cup. You have to fill the paper with something or the punters won't buy it.

I think HMRC may have discovered that it takes so much effort to track the tiddly amounts of interest being earned, it costs more to track than the tax collected.

[Peter Pedant]

but that hasnt stopped them in the past ( not being worth it )

and indeed there is case law to establish that the tax authorities are not under a duty to collect every last penny it could be owed

odd things people go to court about

[fiction-factory]

There is certainly confusion in that lots of people don't know about it but i don't see why that's a problem since people with savings will be slightly better off than they are at present. Many of those who don't know will be the same people who don't know that you can switch banks or energy suppliers or don't understand that a student loan is not a debt that must be repaid once you leave university. Martin Lewis, Radio 4 and financial sections of papers tell us about these things each week and it has been mentioned in two budgets but for whatever reason many people don't hear the message.