tax-free high interest savings a/c?

Lychee

hiyas

hope this Q hasn't been asked before - can't seem to find one!

I've just read one of articles about Top Student Bank Accounts 2004/05 and came across this phrase :

'in a high interest savings account (tax-free for most students'

Does anyone actually know of a High Interest savings account that is tax-free for students, please? Not an ISA. And how can one qualify for it? I've always been paying tax on mine and would love to know how I can avoid this!

thanks in advance

juno

All savings accounts are, you just need a special form. If you're with Natwest then they should've sent you one. If you're with any other branch go in and see them as they should know what form you need.

Robert_Sterling_3

Form R85 is what you want.

Provided your income is rather less than £4800 per annum.

Lychee

Thank you, juno and 160! I have saving accounts with two different banks, funny how neither have ever bothered to 'enlighten' me on this fact especially since I'm a student and not likely to have an income anywhere near £4,000 even :P have been missing out on a lot before I discovered this forum :-/ Thanks again to both

crana9

It's not their responsibility to "enlighten" you.

MarkyMarkD

Pink

If you contact your tax office, you can reclaim any tax you have already been charged on savings interest which should not have been - and you can go back to previous years for this as well.

johnllew

You can download and print an R85 HERE. There is also a helpsheet with it.

There's advice on reclaiming tax suffered on interest HERE.