childs savings account - r85 and or r40

Midnight_Tboy

Hi,

sorry if this has been covered to death previously.....I have dozens of pages open, whilst sorting things out and trying to find a definitive answer.

About 2 or 3 years ago, I set up 2 accounts for my children with Halifax on the 6% offer that had started. This was their first account. It is now the Youngsaver account as I'd left it untouched after the initial 12months were up, currently at a 3% rate so not too bad.

I have just been looking at changing my own accounts and thought I'd take a look into theirs. I discovered that tax was being taken on the interest from their savings (total of approximately £1250 each)

I've now read that I should have completed an R85 form for them to have stopped that....but I haven't lost out as supposedly it can be reclaimed back with an R40.

So.....do I need to send BOTH the R40 and R85, or with it being in hindsight now, JUST the R40?

Also.....I have just acquired the pdf for the R40 and R85s....there's a lot of info on the R40 asking about stuff such as interest, dividends etc, aswell as their NI number which they don't have - I assume this sort of info will be left as blank or null and don't have to go through the process of sorting my own account info out for it?

Thanks,

xylophone

http://www.halifax.co.uk/savings/accounts/branch-accounts/#kidsregularsaver

http://www.hmrc.gov.uk/forms/r40notes.pdf

"If you are claiming repayment on behalf of someone else, please make sure that
you enter their personal details in boxes 1.1 and 1.2. If you are completing the
form on behalf of a minor please leave box 1.2 blank (unless they have been
given their National Insurance number at age of 15 years and 9 months). You
will also need to read the notes for box 12.2, on page 12."
http://www.hmrc.gov.uk/forms/r40.pdf

Midnight_Tboy

thanks xylophone - just trying to dig out the old statements to find what they're owed back. Looks like its about £20 each....not a lot I know, but worth claiming back into their money boxes

Midnight_Tboy

ok - here's another 2 stupid questions with the pdf I'm looking at

http://www.hmrc.gov.uk/forms/r40.pdf


1) At 12.1 do I put my childs name and signature (with them being 5 they don't really have one ) in there, or my own? (I know I need to put Parent in the 12.2 box)

2) at the top right of Page 1 it has "Your Reference" followed by "Tax Reference". Does there need to be anything in this field?

Thanks

Midnight_Tboy

no matter - bit of searching, the top right bit just leave blank - and yup of course I have to sign it myself

Now, as I've got 4 of these damn forms to fill in, 2 per child, just wondering if I would be fine to post them all in the same envelope

rb10

The R40s need to go to HMRC, as it will be HMRC who send the refund. The R40 forms for both children can go in the same envelope.

The R85s need to be sent to Halifax, as this form is the instruction to them to stop deducting tax from interest that is paid.

Midnight_Tboy

thanks rb10.

I just read about having to take the R85 to the bank, so I'll just call into the local branch sometime soon As far as I can tell, other than address and ID info, the only bits I need to complete are the interest after tax, tax deducted, total before tax deducted, and the payment bank info sort code details....so plenty of blank bits to save my hands from aching

Thanks for the help.