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Claiming back the tax on rental deposite?
sharpee
Posts: 671 Forumite
Someone has just mentioned this to me in passing during a conversation at work and just wondered if there was any truth in it.
Apparently as a tenant you can at the end of your tenancy write to the Deposit scheme your deposit is kept with and ask them to send you the tax(?) earned on your deposit during the time it was deposited.
Is there any turth in this and has anyone ever successfully retrieved this?
Apparently as a tenant you can at the end of your tenancy write to the Deposit scheme your deposit is kept with and ask them to send you the tax(?) earned on your deposit during the time it was deposited.
Is there any turth in this and has anyone ever successfully retrieved this?
Turning our clutter to top up our house deposit: £3000/£303.05 we're on our way!
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Comments
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It should say in your AST what happens to any interest accrued on your deposit. If it's you then you'll get it along with the rest once you've moved out and it is released to you.
I got something like 8p! lolInside this body lays one of a skinny woman
but I can usually shut her up with chocolate!
When I thank a post in a thread I've not posted in,
it means that I agree with that post and have nothing further to add.
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DPS stopped giving interest ages ago as the interest they earned was a pittance... but as BrB mentions i also got a few pennies... not worth the trouble.0
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Assume you mean interest, not tax.
However If tax is paid to the governement ON the interest earned (eg 1p paid on the 10p earned!), you could maybe try to claim it back on your annual tax return, assuming you are a non-tax-payer AND you received the interest (if you didn't get the interest then the tax paid on it would belong to whoever DID receive the interest)0 -
DPS stopped giving interest ages ago as the interest they earned was a pittance... but as BrB mentions i also got a few pennies... not worth the trouble.
Is that right? Just finalised a DPS deposit with tenants on the 1st Dec and they were offered interest as was I, though I declined to take it.
"Life is difficult. Life is a series of problems. What makes life difficult is that the process of confronting and solving problems is a painful one." M Scott Peck. The Road Less Travelled.0 -
Is that right? Just finalised a DPS deposit with tenants on the 1st Dec and they were offered interest as was I, though I declined to take it.
They could have changed it after you took your T's deposit, I imagine they have to honour those taken when they did generate interest.
How many pennies did you allow your T to have, did it say ?
My ASTs where applicable have always said that I wouldn't get any interest earnt on MY deposit (my money after all). But it's nothing I get narky about. Maintaining my 100% deposit recieved back 100% of time in past 20 years renting (working that out has made me feel old!) is more important to me come deposit time
Inside this body lays one of a skinny woman
but I can usually shut her up with chocolate!
When I thank a post in a thread I've not posted in,
it means that I agree with that post and have nothing further to add.
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From the horse's mouth (DPS website)"The rate of interest paid will vary from time to time relative to the Bank of England Base Lending Rate (Base Rate). Currently, interest will be paid at Base Rate minus 2.32%. The rate at which interest is paid is reviewed annually with the Communities and Local Government (CLG).
- Will I still receive interest if the base rate falls to 2.32% or below?
no."
0 - Will I still receive interest if the base rate falls to 2.32% or below?
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From the horse's mouth (DPS website)"The rate of interest paid will vary from time to time relative to the Bank of England Base Lending Rate (Base Rate). Currently, interest will be paid at Base Rate minus 2.32%. The rate at which interest is paid is reviewed annually with the Communities and Local Government (CLG).
- Will I still receive interest if the base rate falls to 2.32% or below?
no."
You're being way too logical (looking it up)
lol Inside this body lays one of a skinny woman
but I can usually shut her up with chocolate!
When I thank a post in a thread I've not posted in,
it means that I agree with that post and have nothing further to add.
0 - Will I still receive interest if the base rate falls to 2.32% or below?
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I wasn't after claiming it I was just something I heard and thought I'd ask a) it was ture and b) if anyone had successfully claimed the money
Was only a matter of curiosty that I ask.
Many Thanks for the answers thoughTurning our clutter to top up our house deposit: £3000/£303.05 we're on our way!0 -
They could have changed it after you took your T's deposit, I imagine they have to honour those taken when they did generate interest.
How many pennies did you allow your T to have, did it say ?
My ASTs where applicable have always said that I wouldn't get any interest earnt on MY deposit (my money after all). But it's nothing I get narky about. Maintaining my 100% deposit recieved back 100% of time in past 20 years renting (working that out has made me feel old!) is more important to me come deposit time
The email from the DPS states "Please note that any Interest paid to the other party will not be shown within this confirmation."
I would imagine it was very little, hence why I didn't claim my share. I was happy to have it put back into the DPS.
"Life is difficult. Life is a series of problems. What makes life difficult is that the process of confronting and solving problems is a painful one." M Scott Peck. The Road Less Travelled.0
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