ns&i paying interest net

zogg

As nsi pay net can one claim back the difference between this amount and gross as a non tax payer at the end of the year ?

Thanks

Lokolo

Yes using an R40 form.

http://www.hmrc.gov.uk/forms/r40.pdf

zogg

Thanks for quick reply

If you take a 3 year deal can this be reclaimed annually or at the end of the 3 year period ?

Thanks

Lokolo

Whenever interest is paid.

If interest is paid at the end of the 3 year term, thats when you claim.

You can only claim back interest which has been paid.

glider3560

If the interest is paid annually, then you can reclaim annually.

If interest is paid at the end of the three years, it must all be claimed back at the end of the three years. Remember that the entire three year's interest would count towards your income for the year the account matures.

zogg

glider3560 wrote: »

If the interest is paid annually, then you can reclaim annually.

If interest is paid at the end of the three years, it must all be claimed back at the end of the three years. Remember that the entire three year's interest would count towards your income for the year the account matures.

I was going to go for monthly interest..........

Lokolo

zogg wrote: »

I was going to go for monthly interest..........

I didn't think a 3 year one would give monthly interest? But anyhoo. That means you have to wait until the end of the tax year before reclaiming the past years worth.

alanq

Guaranteed Growth Bonds have interest added to the bond annually. Guaranteed Income Bonds pay interest out monthly.