Refunding tax on savings and R40 forms

PParka

Hi,
My wife has a 1-year fixed rate savings account that matures in July. The interest will be taxed at 20%.
Because she does earn enough to pay tax, we were told to fill out a R40 form to claim back the tax on the interest.

My questions are:

1. Does she have to wait until the end of the tax year in April 2011 before she can claim it back?

2. Does all the interest come out of her 2010/11 tax allowance? (The interest is only paid in July, not monthly)

3. Is there a better way to claim it back via her Self-Assessment form at the end of the tax year?

Thanks in advance
Pete

p.s. Before anyone asks, we couldn't fill out a R85 and not be taxed on the interest. It wasn't possible on this fixed rate savings account.

Biggles

1. No.
2. Yes.
3. No.