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Can I claim tax from savings
YoungSaver20
Posts: 58 Forumite
in Cutting tax
I have a guaranteed reserve which will be taxed when it matures on the 1st of May at 20 %. However I am aware of a 10 % saving rate but I'm not sure if it applies to me. I know that I fill out an R40 form
The earnings I have received this year are 6080 - so more than the allowance but I may still be able to claim 10 % of the interest earned. The interest wont be paid for another month so is it possible to send the form (if I apply) to the bank, the tax will not be taken off when the interest is paid into the account.
The earnings I have received this year are 6080 - so more than the allowance but I may still be able to claim 10 % of the interest earned. The interest wont be paid for another month so is it possible to send the form (if I apply) to the bank, the tax will not be taken off when the interest is paid into the account.
0
Comments
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If it matures in May then it forms part of your tax for the year 2009-2010 and not 2008-9.
And no, you can't send the form to the Building society... they will tax you at 20% and then you need to reclaim the 10% from the HMRC (assuming of course that 2009-2010 earnings are sufficiently small0
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