Interest - can it be re-claimed?

skyjumper

if a person's annual income is less than £4500( the only income) and has around £60-70 per year from savings, does he have to pay the 20% tax on that or can she go to the bank and fill in a -- form and get the interest back ?

any help appreciated

McKneff

Yes, you need to fill in an R85 form.
Ask at the bank about it all,
Are you taking full advantage of your ISA allowance

CLAPTON

well

for future interest to be paid gross he needs to fill in R85 for each account he has and give it to the bank

to reclaim the back tax he may have paid he needs to fill in a R40 and send it to the HMRC

saving in a ISA saves the hassle of course.

skyjumper

thanks anniehanlon and CLAPTON,

yes the ISA is maxed out and the £60 p.a is from other savings account. wan not sure the previous years could be claimed from HMRC. not quite a lot, but every little helps in the current market right?

McKneff

skyjumper wrote: »

thanks anniehanlon and CLAPTON,

yes the ISA is maxed out and the £60 p.a is from other savings account. wan not sure the previous years could be claimed from HMRC. not quite a lot, but every little helps in the current market right?

absolutely, after all its your £60 plus, so why should hmrc have it.
good luck