Are R85 now unecessary

caveman38 · 5 November 2015 at 3:16PM

As interest will be paid gross from April 2016. Would non taxpayers still need to fill in a R85 on an account opened today if interest is paid on anniversaries ie. Nov 16 but would have to if paid say within this tax year Feb16 2016 and again every Feb after.

xylophone · 5 November 2015 at 4:35PM

If you are not eligible to pay tax but will receive interest in this tax year, you need to complete an R85 otherwise interest will be paid out net.

After 6 April 2016, banks and building societies will pay interest gross - if you open an account today which will pay out no interest until after 6 April and are not eligible to pay tax, you will not need to complete an R85.

If you are eligible to pay tax and receive in excess of your tax free savings interest allowance in 2016-17, you may need to advise HMRC.

http://paullewismoney.blogspot.co.uk/2015/03/savings-revolution.html

Are R85 now unecessary

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