TSB procedure for receiving interest tax free?

itm2

I am eligible to receive savings interest tax free from next month, and have completed HMRC form R85. Does anyone know what TSB's procedure (or address) is for arranging this? I don't see an option when I login to my account on their website, and I wanted to avoid the pain of a call centre experience!

molerat

I took it into branch.

enjoyyourshoes

Post it to head office

TartanSaver

I struggled to work this out too, so I went into branch, where they told me I didn't need the form, and they just did it on their computer. They ask you to confirm that your income will be below the allowance, check a box, and that's it.

itm2

Thanks for the feedback and suggestions. Unfortunately our local TSB branch closed a couple of years ago, so it looks like sending the form to Head Office may be the easiest option.

bowlhead99

itm2 wrote: »

I am eligible to receive savings interest tax free from next month, and have completed HMRC form R85. Does anyone know what TSB's procedure (or address) is for arranging this? I don't see an option when I login to my account on their website, and I wanted to avoid the pain of a call centre experience!

If you go to the TSB website and enter r85 int the top left you get a bunch of search returns plus a FAQ in the sidebar that says

If you are a UK resident non tax payer you can register your account(s) to receive credit interest paid gross in branch or by completing an HMRC R85 form. If you are completing the R85 form you will need to complete one form for each account you hold. You can download the R85 form at www.hmrc.gov.uk.

So, go to a branch and fill out whatever paperwork or verbal statement they request in front of them, or physically send them the R85 that you already have filled out.

You shouldn't need a 'call centre experience' unless you want to ask them for a postal address, and presuming you already have a statement from them or are able to hit the 'branch locator' button on the website, getting in a call queue seems a waste of time.

If you're able to easily walk into a branch one day and give it to them you would know they had it rather than hoping the postman had delivered it, but if the branch closed then just mail it to whatever branch is now 'your' branch. Or any branch at all really, or any customer enquiry centre on the website.

kidmugsy

My wife went to a branch yesterday and was told "do it on your computer". And that was the unhelpful extent of it. If I had shares in TSB I'd sell 'em. Even Lloyds managed better.

spingoblin

I have done it twice recently after opening 2 Classic Plus accounts.

Send a fully completed R85 form with a very short covering note (optional - but I did) explaining you want your interest paid gross.

Send it to;

TSB Customer Services,
PO Box 1,
BX4 7SB.

You will receive a letter about 10 days later confirming it has been done.

teddysmum

I'm about to open a couple of these accounts; one for myself and one jointly with my husband.

I can have my interest tax free, but my husband cannot.

Is there any way round all the tax on the joint account being taxed ? ie is it possible to have just half taxed ?

itm2

spingoblin wrote: »

I have done it twice recently after opening 2 Classic Plus accounts.

Send a fully completed R85 form with a very short covering note (optional - but I did) explaining you want your interest paid gross.

Send it to;

TSB Customer Services,
PO Box 1,
BX4 7SB.

You will receive a letter about 10 days later confirming it has been done.

Perfect - thanks!

sheramber

teddysmum wrote: »

I'm about to open a couple of these accounts; one for myself and one jointly with my husband.

I can have my interest tax free, but my husband cannot.

Is there any way round all the tax on the joint account being taxed ? ie is it possible to have just half taxed ?

Yes, they can pay 50% of the interest without deduction of tax