Reclaiming tax on current (and savings) accounts

Gers

I've just done my R85s for all my accounts in early April. I handed some in to banks where I could and posted off others when that wasn't possible. The form was the standard HMRC one which, as said earlier, can be used for multilple accounts with the same sort code (though it failed me for one bank where I have seven accounts).

Some institutions sent acknowledgement notifications / letters and some didn't, just actioned the instructions.

The responsibility for informing them of a change in circumstances lies with you, not the banks. Therefore I can't see any reason for them to make enquiries. It's all on the HRMC forms which you sign.

Today I got £40.00 compensation from one bank which actioned the R85 for two accounts and ignored the other three forms. All sorted in one 20 minute phone call.

veryintrigued

Intend to keep this post updated with progress.

http://forums.moneysavingexpert.com/showpost.php?p=68328599&postcount=4

typistretired

Lloyds Bank, TSB and Bank of Scotland allow you to register for gross interest over the phone just need to answer a few security questions and give your NI number they repay tax within 10 days of your call.


Yorkshire Bank, Tesco Bank and First Direct you have to send off the R85. I think the online form at HMRC is great, you can go back when you have printed off your forms and only have to change the bank names and account details.

veryintrigued

Handed over forms to Lloyds today and adviser said that the Club Lloyds C/A interest from April (paid first working day of May) wont get the tax back on this. i.e. its an R40 form job. This consistent with everyone else?

Notts done in branch with their own form.

First save can be done online.

Punjab is a postal R85 job and tax lost will be backdated.

This post updated:

https://forums.moneysavingexpert.com/discussion/5233794

Vortigern

veryintrigued wrote: »

Handed over forms to Lloyds today and adviser said that the Club Lloyds C/A interest from April (paid first working day of May) wont get the tax back on this. i.e. its an R40 form job. This consistent with everyone else?

I suspect that this may the opinion of the person you spoke to at the bank. If you're lucky the bank's computer will refund the tax you paid on 1st May.

veryintrigued

Vortigern wrote: »

I suspect that this may the opinion of the person you spoke to at the bank. If you're lucky the bank's computer will refund the tax you paid on 1st May.

You were spot on - the interest has already been refunded. Its only £3.23 but thats great.

typistretired

I had the same problem with Tesco Bank. I telephoned after a couple of weeks as no refund of tax had gone into accounts. The really nice man on the telephone checked my accounts and found the R85 had been registered. He conferred with his supervisor why there had not been a refund. She told him that I had to claim it back from the tax man. I told him to tell his supervisor that she was wrong as that was for a closed tax year not current tax year. Tesco Bank had to refund the tax interest to my accounts. He said they would refund the tax on the interest to my account. When I checked my bank account it was added as a goodwill payment! The supervisor obviously thought I was wrong but gave refund anyway.

veryintrigued

typistretired wrote: »

I had the same problem with Tesco Bank. I telephoned after a couple of weeks as no refund of tax had gone into accounts. The really nice man on the telephone checked my accounts and found the R85 had been registered. He conferred with his supervisor why there had not been a refund. She told him that I had to claim it back from the tax man. I told him to tell his supervisor that she was wrong as that was for a closed tax year not current tax year. Tesco Bank had to refund the tax interest to my accounts. He said they would refund the tax on the interest to my account. When I checked my bank account it was added as a goodwill payment! The supervisor obviously thought I was wrong but gave refund anyway.

Similar conversation with one of their advisers yesterday.


She was adamant that my two Tesco C/As couldn't have the tax paid at the end(ish) of April returned and that I would have to claim back through the taxman. They seemed to cite some previous example where someone had claimed back the tax from both the taxman and Tescos. I do understand that in my case some of this interest may have been accrued in the old tax year but the fact is that it was still paid in the new one.


I'll see what the next interest payment is and go from there.

typistretired

Had an email from Tesco Bank this afternoon that my statement was available to view. When I logged in they had paid my interest for this month gross. Only Yorkshire Bank needs to sort out and I am all done as all the other banks have confirmed gross interest and given a refund plus in the case of first direct/Lloyds regular saver they told me regular saver will be paid gross in July when they mature. Had to send secure message to first direct however, for confirmation.


If you had a new tax code during a tax year your pay would be amended next pay day so I don't understand why these managers don't realise that R85's change your tax on interest the same.

Vortigern

typistretired wrote: »

Had to send secure message to first direct however, for confirmation.

First direct have not yet acknowledged the R85 I sent them. Looks like they'll be getting another secure message.