Need to declare automatically deducted BIK?

M

morningperson

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I'm in the process of submitting or re-submitting tax returns for the last 6 years. In that time I've had a preferential mortgage and loan. I can see the BIK in relation to these was automatically deducted in my payslips. Do I need to declare them in a returns as a result?
Thanks.
 
Since 1 January 2004, most BIKs (including preferential loans) have been subject to tax through the PAYE system and therefore it should not be necessary to include details of the loan separateley on a tax return. Your P60 amounts should take account of the taxable amount. However if you are submitting tax returns pre-2004, details will have to be included.
 
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