IR85 Forms

quickquid

I have numerous savings account for which I have previously registered for gross interest. My gross interest is now likely to exceed my personal allowance. Must I now pay tax on all my accounts and then claim monies back at the end of each tax year from the Inland Revenue or can I continue to register for gross interest on some of the accounts providing my interest from these IR85 registered accounts does not exceed my personal allowance? (I appreciate I would need to claim back the tax on interest for the next £2000 at 10% from the Inland Revenue.) Thanks

isasmurf

You must de-register yourself from all your accounts and claim the tax back I'm afraid.

Oh, and they are R85 forms, not IR85

quickquid

Many thanks, Isasmuf,


Don't suppose the taxman gives me the interest on the interest from my accounts when I have to claim at the end of the financial year?

Cheers