Post payment reclaim of savings tax late in tax year

Milarky

I understand you can often ask a bank or building society which has paid you interest net to refund the deduction when you complete an R85. But as far as I know, this has to take place within the tax year of payment.

So what happens if the interest gets paid net just before the end of a tax year and you realise the account should have been registered for gross interest? Is it then too late to ask the bank or BS to refund you themselves under an R85?

fengirl_2

You make a claim direct to HMRC using form R40.

Mikeyorks

Milarky wrote: »

So what happens if the interest gets paid net just before the end of a tax year and you realise the account should have been registered for gross interest?

As previous post ..... you say 'whoops' and reach for the R40.

You're right ..... some Institutions will retrospectively apply an R85 to any deductions made during that tax year only. But only when they can process the R85 prior 6th Apr. As a number accept an R85 via 'phone .... may be worth trying it .... unless the question's anecdotal?