Packaged bank account payment and working tax credits

magiksen

Hello,

I've managed to get my money back - plus interest - from the bank within lightning speed. It was so easy I think I've been really lucky!
It was just under £800. (shame it's going to go on an MOT and other boring necessities but would've been in dire straits without it)

The interest was £372.68 gross, and £298.14 net.

This is where I get confused.

It says "Please note that as the 8% interest is an interest payment, this will constitute 'taxable income' and we're obliged to deduct income tax at the basic rate (20%). If we have deducted more tax than you have to pay you may be able to reclaim all or some of the tax deducted from HMRC.

Well, I don't work but my husband does. We're on working tax credits.
Does this mean if I contact HMRC, it will come back to me by cheque or in our working tax credit payments?

Is the rest of the interest they've given me need to be declared?

I hope someone can help me!

Thank you

magiksen

Problem solved over on another site! sorry I don't know how to delete the post!

[Deleted User]

Would have been nice for magiksen to share the knowledge. Oh well.

For anyone who Googles and finds this post, here's the form required:

https://www.gov.uk/government/publications/income-tax-claim-for-repayment-of-tax-deducted-from-savings-and-investments-r40