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Form R85
wendy30
Posts: 49 Forumite
I currently do not work as I am looking after our little boy. I'm thinking of maybe opening a savings account. Or of course I can just have an ISA. Am I right in thinking that I can fill in a form R85 so that I don't pay tax on savings? My only income is WTC (in respect of OH who works) CTC and Child Benefit. I've looked on HMRC website and I think I'm right but could anyone double check for me? If the account was in joint names could I still fill in the R85?
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I've looked on HMRC website and I think I'm right but could anyone double check for me? If the account was in joint names could I still fill in the R85?
When you fill out an R85, it has a list to add up your income, and you should only claim the interest tax free if you are below it, so it depends what yours adds up to.
If an account is in joint names you can still apply an R85, but you'll only get half the tax back, so it's better to have savings in your sole name to take full advantage of it.Debbie0 -
If the account was in joint names could I still fill in the R85?
Fully agree with debbie's post ..... but a lot of Banks / BSs won't accept an R85 from one of the parties .... on a joint account. But better, perhaps, to resolve the problem by putting savings wholly in your name (ISA in OH's name ...... to balance?) whilst you're tax free?
http://www.hmrc.gov.uk/tdsi/joint-accounts.htmIf you want to test the depth of the water .........don't use both feet !0 -
Fully agree with debbie's post ..... but a lot of Banks / BSs won't accept an R85 from one of the parties .... on a joint account. But better, perhaps, to resolve the problem by putting savings wholly in your name (ISA in OH's name ...... to balance?) whilst you're tax free?
http://www.hmrc.gov.uk/tdsi/joint-accounts.htm
I would do this only with caution although I understand about balancing monies. Did something similar myself and lost out on the money when I split with OH as could not prove legal claim on it.I must go, I have lives to ruin and hearts to break
My attitude depends on my Latitude 49° 55' 0" N 6° 19' 60 W0
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