19-03-14, 01:11 AM
I would assume (and this is only speculation) that when interest is paid on your savings, a percentage of this is deducted by your bank and paid to HMRC using your national insurance number. This would mean that HMRC could probably use this to estimate the value of your savings.
As to what action they would take if they caught you out is anybody's guess. I suppose that depends on the scale of any 'fraud' and how confident they are that they can prove their case in court. Minor infringements may only involve a bit of finger wagging and a telling off.
If your assets include a dusty garage full of vintage motorcycles then it's happy days!
As to what action they would take if they caught you out is anybody's guess. I suppose that depends on the scale of any 'fraud' and how confident they are that they can prove their case in court. Minor infringements may only involve a bit of finger wagging and a telling off.
If your assets include a dusty garage full of vintage motorcycles then it's happy days!