Claiming tax back on savings

Slimchandi

I had a leaf through the stickied threads but couldn't find anything pertaining to this exact issue.

A few months ago I set up an A&L online saver, but only just got round to sorting my R85 out (they have a copy in the bank, just fill it in there and then!).

Come 1st of June I get my interest tax free for May. All good, but I was under the intention they would pay back the tax paid on savings this financial year? I have interest payments for the months of Feb, March and April which have all been taxed.

So I looked in to filling out an R40. Now I know I can apply for the tax taken for months of Feb and March, but which financial year does the period April 1st -April 30th fall under? Can I apply for all this juicy tax back in one go, or will I require a second form?

longforgotten

Any tax year is to the 5 April. So for instance if they paid you interest on 5 April 2007 it would be in the tax year ended 5 April 2007, if it was paid on 6 April 2007 it will relate to the tax year ended 5 April 2008. It is all based on the date the interest is received in the account.

Ask for a certificate of interest from A&L for the year ended 5 April 2007, if they have not already sent you one. Write a letter to Inland Revenue asking for the tax back and enclose the certificate of interest. They should send you a cheque for the tax you have overpaid.

As for the tax deducted in the current tax year, I'm really not sure about that one. Best ring Inland Revenue and ask when you can claim it back.

Remember to take a photocopy of the certificate before you send it off as Inl Rev may lose the original !

Slimchandi

Thanks guys. I remember A&L saying I should get paid back any tax I have paid this tax year when they receive my form, but seeing as I've had one tax free interest payment since then, maybe something has gone wrong. Maybe it takes longer to claim the tax back than it does to set up tax free interest.

Anyway, I will submit a form for the previous year's tax. It's only 30 quid or so, but better in my pocket than the tax man's eh?