R85 tax form info reqd

mick1939

Can anyone oblige and tell me please when the R85 tax form used for claiming gross interest from Banks/Bldg Soc's was first introduced?

My Sister in law is emphatic that she has always recieved her interest from Bonds/savings gross,WITHOUT ever filling in one of these forms!
(Obviously,excluding tax free ISA's.)
I say to her that EVERYONE who wishes to recieve their interest gross,has to fill in one of these forms,but she's adamant that she's NEVER filled one of these forms in.
Any help /with info re the R85 form much appreciated.

glider3560

Some banks, e.g. Halifax, can take the authority over the phone so no form is required.

Others, e.g. Nationwide, will use their own version of the form (still an R85 but just showing their logo instead of HMRC).

Money_Grabber13579

The previous post mentioning the Halifax, stated that the instruction can be taken over the phone. That is correct, but there is also other ways in which interest may be paid gross. For example when opening the account in a branch, the instruction may be placed, however the main one I was referring to was the time deposit, where if more than £50,000 is invested, the interest can be paid gross if this election is made.

dzug1

The National Savings ordinary account (now defunct) and the Investment Account and Investment Bonds (both current) are among accounts paying gross interest. I'm sure there are others.

mick1939

A belated thank you all for the info supplied (I've been away for a couple of days hol )
I understand about the verbal request for interest to be paid gross,but surely the Income tax people have to be notified somehow,otherwise how do they keep tabs on who pays what, and how much, and is it exceeding their tax free allowance? Also if they exceed the 20% band how would they know tax needs to be paid at 40% if there's no written documentation?
I've been saving and so has my wife for years now and we've always been asked if we need to fill in an R85 application form.
P.S. she doesn't save either with national savings or the post office.

John_Pierpoint

If you have more than 50,000 in a bond type account (ie fixed interest for the year) the interest from that can/will be paid gross.