Gross interest on Current accounts ?

Loughton_Monkey

ses6jwg wrote: »

Monkeys.

You called?

Loughton_Monkey

ses6jwg wrote: »

You are wrong.

The R85 system has been abolished in Santander we now have a paperless system.

And don't generalise.

Out of interest (pardon the pun), I note that if you send an R85 to a bank halfway through a tax year, some banks will rebate all tax on that account paid since April 6th last. Others just stop taking tax from date of processing onwards.

Is there supposed to be a 'standard' on this? Or is it just up to banks?

And would the same apply to 'rescinding' an R85? Would you start charging tax going forward? Or would you seek to charge it retrospectively for that tax year?

opinions4u

Is there supposed to be a 'standard' on this? Or is it just up to banks?

No standard.

- Banks don't have to accept them.
- Banks cannot apply to previous tax years.
- Banks can apply to interest already paid within the tax year of registration, but don't have to.
- Banks can, on deregistration, tax interest already paid within the same tax year, but don't have to.

ses6jwg

opinions4u wrote: »

Come on though, it doesn't matter whether there's a phyiscal piece of paper or not. It's still a gross interest registration whether it's made verbally or involves a written form.

Given that a good 25% (my estimate) of the population don't earn enough to pay tax I'd expect such registrations to be common place.

The Halifax branches I used to manage would see 3 or 4 R85 forms every day. When they went paperless I'd guess the number of requests stayed the same. Gross interest declarations are not rare and for call centres and branch staff not to know what to do is utterly shocking.

I'm not disputing that in any way whatsoever.

Santander has 1300 branches. Not all are equally incompetent.

opinions4u

ses6jwg wrote: »

Santander has 1300 branches. Not all are equally incompetent.

Sorry, I just can't resist ....

So some exceed the incompetence of others!

le_loup

ses6jwg wrote: »

And don't generalise.

Sorry, I intended no personal attack on you. My experience with Santander (two branches, call center, complaints department) have been pathetic. Others agree. I don't think my experience was unique. That you, and your branch is better is great, let's hope that the good spreads out.
However ... that customer facing staff in a bank do not know about registration for gross interest (however you chose to do it) is worse than pathetic, it's shameful! I will not resile from that statement.

Meadows

metrobus wrote: »

Just phoned to register to have gross interest paid on my Santander in credit current ac. Was told that you can not have gross interest paid on current accounts.
Anyone come across this ?

I get gross interest on all my/our accounts Current & Savings.

metrobus

ses6jwg wrote: »

p.s. you have still been misinformed there are no forms to fill in to register an account for gros interest anymore it is a case of clicking a button

You are correct and I was wrongly informed last week in the branch.

This morning I received a letter saying that my account is now registered for gross interest although I have not filled any forms in.