R85 for child's account

conradmum

I've been putting regular amounts into the Halifax child's regular saver account for a few months now, but it's just occurred to me that I haven't completed the form that stops tax being taken from the interest - I think it's R85.
Should I have completed this and will tax be deducted if I don't?

grumbler

See 'Tax status/information' link on the left side of the screen when you see accounts online.

For me and my wife telephone calls to 08457 26 36 46 were sufficient to register accounts to receive interest gross.

robnye

grumbler wrote:

See 'Tax status/information' link on the left side of the screen when you see accounts online.

For me and my wife telephone calls to 08457 26 36 46 were sufficient to register accounts to receive interest gross.

i always understood that a signature was needed on a form........

i have always completed a form and signed it on behalf of my children

conradmum

I went and checked the account page as grumbler suggested and it states that the account's interest is paid gross, despite the fact that I remember never having to sign a specific form. The only thing I can think of is that perhaps the request for gross interest is incorporated into their general account application form.

grumbler

conradmum wrote:

I went and checked the account page as grumbler suggested and it states that the account's interest is paid gross, despite the fact that I remember never having to sign a specific form. The only thing I can think of is that perhaps the request for gross interest is incorporated into their general account application form.

Absolutely. When opening accounts for me and my wife I thought that £100 yearly interest allowance is per a child, not per a parent. I remember chosing gross interest in one form and net interest in the second one. When I realised that both accounts can generate up to £100 tax-free I called the above number and made the correction.