Kaupthing.How to register for gross interest?

skronk

Just applied via web.
Accepted and asked to forward ID.

How do I inform of my retired status as non tax payer?

Thank you.

debbie42

You need to fill in and supply them with an R85 form.

http://www.kaupthingedge.co.uk/Help/Faqs.aspx?id=03

skronk

Thanks Debbie. Should I enclose it with my ID documents ?

cheekykid

skronk wrote: »

Thanks Debbie. Should I enclose it with my ID documents ?

Yup. The address is one line: FREEPOST, Kaupthing Edge

Saves ya the stamp

Mikeyorks

Very unusual if it is? I've never seen a Freepost address without a Postown / Postcode associated with it. Use that one and you save the stamp at the risk of losing the documents?

debbie42

It may look odd, but is perfectly valid. It's been mentioned before on this forum.

cheekykid

Mikeyorks wrote: »

Very unusual if it is? I've never seen a Freepost address without a Postown / Postcode associated with it. Use that one and you save the stamp at the risk of losing the documents?

I felt the same way but the address is indeed valid.

Something I don't understand about interest paid and R85 form. If let's say you have 100k on a 6.5% interest which you will get almost in its entirety because of the tax allowance is your bank going to understand that the form is meant to show that the first 6k of your interest should be untaxed with the rest at 10%? The form says that you use it when you need to pay no tax but in this example you need to pay some tax. Do I still use an R85?

cheekykid

I called HM revenew and they said if my income is over 6k I can't use an R85 form. I thought the first 6k is non taxed therefore if I earn over 6k doesnt the same apply for the first 6k of my earnings? What form do I complete and do I send it to my bank from the beggining before i deposit money?

debbie42

cheekykid wrote: »

I called HM revenew and they said if my income is over 6k I can't use an R85 form. I thought the first 6k is non taxed therefore if I earn over 6k doesnt the same apply for the first 6k of my earnings? What form do I complete and do I send it to my bank from the beggining before i deposit money?

If you've overpaid tax on interest, you'd need to complete an R40 form. It's retrospective, unlike the R85, i.e. you can't claim the tax back until you've actually overpaid it.

More info here.