Reclaiming Tax (Club Lloyds Monthly Saver)

Dragonfly1

So I have already told Lloyds that I do not tax, but it seems I forgot to do this with the Club Lloyds monthly savers account - which paid Net after tax, today.

I would like to immediately close the Club Lloyds Monthly Saver and open a new one to get the benefits for another 12 months.

Does this affect me if I were to close the monthly savers account now & claim the tax back at a later date?
I remember reading the form you had to fill in to claim tax back, it seemed quite extensive from my recollection?

And finally, when I open a new monthly savers account, is it the same as the current accounts (and do I need to send a letter in for that - or will over the telephone suffice for Lloyds, it was a long time ago!)

Thanks guys.


EDIT: So it's the R85 to let Lloyds know about my new monthly savers account and the R40 to reclaim tax already spent. The R40 looks a tad daunting? Nearly everything doesn't apply, I think. Except I technically have several sources of income because of different bank accounts paying interest.

DragonQ

You can close the account and still claim back the tax paid. You just need to fill in an R40 and send it to HMRC, or you can simply ask Lloyds to pay you back the tax paid (sometimes banks can do this, not sure when or why).

Some banks are smart and realise that if you're not a tax payer then you should be paid gross interest on all accounts unless you tell them otherwise. Lloyds is not one of those smart banks, so you have to fill in an R85 for each account you have with them.

Dragonfly1

DragonQ wrote: »

You can close the account and still claim back the tax paid. You just need to fill in an R40 and send it to HMRC, or you can simply ask Lloyds to pay you back the tax paid (sometimes banks can do this, not sure when or why).

Some banks are smart and realise that if you're not a tax payer then you should be paid gross interest on all accounts unless you tell them otherwise. Lloyds is not one of those smart banks, so you have to fill in an R85 for each account you have with them.

Oh right, that would be a lot simpler.
Anyone had any experience of this with Lloyds? I might give it a try tomorrow Thanks.

They have been paying me gross interest for more than the last 12 months in my other account, so they should be able to see that too.

And hopefully I can remember whatever security information I told them so many years ago and never ever needed to call Again, a smart bank would let you contact them via secure online banking. But I won't hold it against them with their decent interest rates
That R40 form really does confuse me

PeacefulWaters

DragonQ wrote: »

Some banks are smart and realise that if you're not a tax payer then you should be paid gross interest on all accounts unless you tell them otherwise. Lloyds is not one of those smart banks, so you have to fill in an R85 for each account you have with them.

I'd suggest the "smart" banks are breaking a few HMRC rules then.

DragonQ

PeacefulWaters wrote: »

I'd suggest the "smart" banks are breaking a few HMRC rules then.

If they are, the rules are stupid, so I don't blame them.

nearlyretired2004

Its not necessary to fill in an R85 - you can simply call them - we've done this for all three of OH's Lloyds accounts