Do I qualify for Tax free savings account?

Norman-B

I have just retired, aged 62 (health). My income will consist of £2075 PA private pension and savings interest of £3150 PA. Can I ask my BS to pay my interest gross or do I need to contact my Tax Office first?

Thank you.

chesky369

As the tax allowance is 5,435 and your income is 5,225 you should fill in a form which your bank will supply you with - can't remember its number but they will know immediately if you ask them. You then return it and they will make the adjustment to your savings.

Norman-B

Thank you for the reply.

debbie42

It's an R85 form that you need.
More details on the HMRC site here.

chesky369

I was wondering - as your income is so low - whether you should contact your local citizens' advice bureau to check to see if you might be entitled to any benefits, such as council tax, housing, etc. They've got a quick 'benefit check' computer programme which they could whizz through with you.

Norman-B

chesky369 wrote: »

I was wondering - as your income is so low - whether you should contact your local citizens' advice bureau to check to see if you might be entitled to any benefits, such as council tax, housing, etc. They've got a quick 'benefit check' computer programme which they could whizz through with you.

Thanks for that. I should have included in my first post that I'm married and my wife draws £100 PW State pension and some savings interest, no other income. That might (?) exclude me from any help? To be blunt, my wife might be unwilling to ask for any type of benefit. (Pride thing)

Nothing to lose, I'll ask anyway. Thanks again, it's something I did not think of.

debbie42

You could have a look here as a start:
http://www.entitledto.co.uk/

chesky369

You tell your wife that you've paid your rates and taxes all these years, if something is due to you, time to get it back. It's not much different than getting your medical costs paid by the NHS, instead of going private.

Norman-B

chesky369 wrote: »

I was wondering - as your income is so low - whether you should contact your local citizens' advice bureau to check to see if you might be entitled to any benefits, such as council tax, housing, etc. They've got a quick 'benefit check' computer programme which they could whizz through with you.

I did the "benefit check". We are not eligable for benefit, due to savings. It was worth checking. Thanks.