Pensioner Bonds Guide

FOREVER21

mgdavid wrote: »

given a choice between the State spending time and money (i.e. my taxes) on R85 procedures, and the individual doing it as part of their self-assessment, I'd plump for the individual doing it every time.

Are you seriously suggesting that theR85 system should be scrapped.?
The R 85 system saves HMRC a good deal of time in not having to deal with correspondence concerning refunds and then refunding the tax and were the system not in place then the extra time/ money (our taxes!) would increase.
In any event the amount of time/ money spent on setting up R85 procedures is very likely to be equalled by the time/ money spent byHMRC in making refunds of overpaid tax.

Archi_Bald

FOREVER21 wrote: »

Are you seriously suggesting that theR85 system should be scrapped.?

I don't think anyone suggested this.

FOREVER21 wrote: »

In any event the amount of time/ money spent on setting up R85 procedures is very likely to be equalled by the time/ money spent byHMRC in making refunds of overpaid tax.

And similar applies to those savers that are fortunate (or unfortunate) enough to be entitled to gross interest. Filling in an R40 is not a lot, if any, more effort than filling in an R85. And it's not as if the majority of pensioner bond owners will be busy 24x7.

Again, NS&I not supporting R85s is nothing new. They never did.

If the NS&I were to implement R85 processing, it would cost to design, implement, and maintain the R85 procedure. All paid by the tax payer. A wholly avoidable mis-use of tax payers money at best of times.

FOREVER21

Archi Bald
I was half in agreement with you until your point about completion of forms R85 and R 40.

Have you ever seen ,let alone complete a R 40. To say there is little difference in completion of the forms is incorrect.

Archi_Bald

The information on the R40 is essentially no different to the information required by the R85 Helpsheet. The R40 is longer than the R85 but most of the information is not relevant and fields can be left blank for a non tax payer. Six in one and half a dozen in the other.

mgdavid

FOREVER21 wrote: »

Are you seriously suggesting that theR85 system should be scrapped.?

No, and it is mischievous to suggest it.

FOREVER21 wrote: »

The R 85 system saves HMRC a good deal of time in not having to deal with correspondence ....

spare me the image of parchment and quill pens; at best an online filing, a secure message and a form to scan. At worst a phone call as well. They are hardly writing and posting cheques for refunds, just a faster payment to generate.

FOREVER21

mgDavid

Despite your observations I would and I think many others would also have liked ,NS andI to have been part of the R 85 process, but hey ho I can live with that.

Incidentally regarding the second part of you post, I have recently had 2 cheques (payable orders) from HMRC by way of a refund.

mgdavid

FOREVER21 wrote: »

mgDavid

Despite your observations I would and I think many others would also have liked ,NS andI to have been part of the R 85 process, but hey ho I can live with that.

Incidentally regarding the second part of you post, I have recently had 2 cheques (payable orders) from HMRC by way of a refund.

thanks for the heads-up on continuing use of cheques; crazy waste in this day and age, I may well drop an email to someone about that. ETA - having checked again I note that on the self-assessment the bank details are the prime choice but there still is a box to tick '...if you want a cheque sent to you'. So it can be opted for although I'm baffled as to why anyone would.. :eek:

maxted

Would anyone advise using existing ISAs to invest in Pensioner Bonds to get the higher interest?

ColdIron

Why not, the £10,000 is below the ISA threshold so you could easily put it back in if rates improve. Obviously compare rates first

mgdavid

maxted wrote: »

Would anyone advise using existing ISAs to invest in Pensioner Bonds to get the higher interest?

Yes, I am.