Can non-taxpayer claim gross interest on current account?

earthlover

I am a low income non-taxpayer with some savings and want to get the best rate of interest I can. Is it possible for someone in my position to get interest paid gross on funds in a current account. I was thinking of opening a Lloyds Vantage account but if I have to pay tax on a current account it might not be the best for me.

Anyone know about this?

jem16

If you are definitely a non-taxpayer you can complete an R85 form to have interest paid gross.

Remember though that gross savings interest counts towards taxable income.

Lokolo

And you cannot do it for Halifax if you have any of their reward accounts.

earthlover

Thanks Jem16 and Lokolo for your replies.

I know what your saying Jem16. I just wasn't sure if I could get the gross tax in a current account. If I can it may be worth opening a Lloyds Vantage account. Is that actually classed as a current account or a savings account? It doesn't seem to say on the Lloyds website as far as I can see.

CLAPTON

you can get gross interest on a current a/c

scottishblondie

earthlover wrote: »

Thanks Jem16 and Lokolo for your replies.

I know what your saying Jem16. I just wasn't sure if I could get the gross tax in a current account. If I can it may be worth opening a Lloyds Vantage account. Is that actually classed as a current account or a savings account? It doesn't seem to say on the Lloyds website as far as I can see.

It is a current account, but you can still apply to receive interest tax free. Just ask for an R85 to fill out when you are applying (if you're in a branch) or send one in later.