Interest paid without deduction of tax

nearlyretired2004

I've had my new tax coding for next year .... Jem16 is right 10,600

EDIT: Ah jem i was typing as you were ....we crossed!!

kidmugsy

The 2014 budget announced that it would be £10,500, but the Autumn Statement increased it to £10,600.

[Deleted User]

Hi,

so, am I right here,

either notify each individual company, (whether monthly or annual interest), or just wait until annual tax return for a tax refund.

ajo

Sorry if this has already been answered.

Can I hand the forms over the counter or do I have to send them through the post.

For multiple accounts like TSB where you can have 2 I guess you just fill the 2 accounts on the page, but for something like Lloyds where you might have Club Lloyds and a Regular Saver can this be put on the same form?

The £5000 mentioned, this is interest if Im right, not if you have £5000 savings?...

Thanks

jem16

ajo wrote: »

The £5000 mentioned, this is interest if Im right, not if you have £5000 savings?...

Thanks

It's gross interest.

Eco_Miser

ajo wrote: »

Can I hand the forms over the counter or do I have to send them through the post.

For multiple accounts like TSB where you can have 2 I guess you just fill the 2 accounts on the page, but for something like Lloyds where you might have Club Lloyds and a Regular Saver can this be put on the same form?

Hand the forms over the counter, if you want. If you have two accounts with the same bank, put them both on the same form. Santander, and possibly others, accepts electronic declarations - tick the appropriate boxes while logged in.

steelbru

Does anyone know whether it matters when the interest was earned, or is it any interest paid after 6th April 2015 ?

I've got a FD regular saver that matures in May, so most of the interest will have been generated between May 2014 and 6th April 2015, and just 2 months worth under the new rule.

Will I be able to get all the interest tax free in May if I fill in the form, or will it only be the interest earned after 6th April ?

ColdIron

You will earn it in May so 2015/16 tax year. What is the 'new rule'?

steelbru

"new rule" :- what this thread is about, ie from April 2015, if total income - wages, pension, benefits and savings income - is less than the personal allowance, plus £5,000, savers will eligible to register for tax-free savings with their bank or building society.

Eco_Miser

And even if total income is more, if the non-savings income is less than personal allowance plus £5000, some savings income will be taxed at zero%.