R40, reclaim interest on savings and Gift Aid amount.

Retired_at_55

I hope this makes sense. I have looked at Form R40 on line as my Pensioner Bond matures next month with tax deducted from the interest. The form is 2014-2015. Do I need to wait for the next form for 2015-2016 to become availble before completing it as I am eligible, for the first time, to pay no tax on savings interest for 2015-2016?

Also, please, when I looked at Form R40 I noticed a part about Gift Aid. I give £100 (sometimes more when I can) every month to a charity by Standing Order. I have done this for several years but have never entered anything on a tax form before. Should I enter the £100 I donate or ? also add the amount the charity receive from the Government?

I'll also be grateful to know if I need to let the charity know about my Form R40 and exactly the amount I enter on it for the year? I would like my charity to receive the maximum they can receive without me having to change my Standing Order amount.

Thank you in advance for any information.

Retired at 55.

booksurr

if you do not pay income tax then gift aid cannot be done.... as there is no income tax from you that the charity can reclaim

sheramber

This link gives a form R40 for any year https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/419506/R40_M__internet_v2.0.pdf

For the charity to reclaim the tax paid you would needed to have completed a gift aid form.

https://www.gov.uk/donating-to-charity/gift-aid[/url]

Retired_at_55

booksurr wrote: »

if you do not pay income tax then gift aid cannot be done.... as there is no income tax from you that the charity can reclaim

Thank you booksurr. I pay income tax at 20% on my pension although my total income is low enough to make me eligible to allow my savings interest to be tax free this current tax year for the first time.

(I have not tried to copy a link before but this is the one I found helpful regarding interest being paid gross: http://www.moneysavingexpert.com/savings/tax-free-savings)

Retired at 55

Retired_at_55

sheramber wrote: »

This link gives a form R40 for any year https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/419506/R40_M__internet_v2.0.pdf

For the charity to reclaim the tax paid you would needed to have completed a gift aid form.

https://www.gov.uk/donating-to-charity/gift-aid[/url]

Thank you for the links sheramber. I'll look at them tomorrow. Much appreciated.

Retired at 55