Section 352

nilocmac

Each year I gather together my Section 352's and work out how much interest I have earned and then fill it out on my self assessment form.

However this year I have opened an account with Hi Save ICICI. They say they do not provide these forms as they are an internet bank with no paper correspondence (except for the initial set up). I thought I needed this also for the IR if they decided to do a spot check.

Has anyone any suggestions how I solve this problem? Or am I making it more difficult for myself than I need to?

Thanks in Advance

roger_c

You can just print of the statements in the tax year to 5 April 2005 if you are doing this years tax return now! Add up all the interest which will give you the net interest figure then divide that by 0.8 to give your gross interest figure. Point to note - some banks show the gross interest and then the tax comes off separately.

isasmurf

Regardless of whether they are an internet bank or not, you have a statutory right to receive a Section 352 certificate. Draw their attention to Section 44045 of The Banking Manual and Chapter 6 of the TDSI Guidance.

nilocmac

roger_c wrote:

You can just print of the statements in the tax year to 5 April 2005 if you are doing this years tax return now! Add up all the interest which will give you the net interest figure then divide that by 0.8 to give your gross interest figure. Point to note - some banks show the gross interest and then the tax comes off separately.

Thanks Roger I guess the Bank give me a section 352 is easier. However if I do not have any success then I will use your plan. :beer:

nilocmac

isasmurf wrote:

Regardless of whether they are an internet bank or not, you have a statutory right to receive a Section 352 certificate. Draw their attention to Section 44045 of The Banking Manual and Chapter 6 of the TDSI Guidance.

Thanks, that is very helpful I will contact them and post how I get on. :beer:

nilocmac

This is the intial reply that I received from ICICI:

Thank you for your email.

We would like to inform you that we are looking into the matter and will revert to you shortly.

Regards,
Service Manager

Hopefully more later