NSANDI Reclaim tax on 65+ bond?

teddysmum

xylophone wrote: »

The wording on this petition may be of interest.

https://petition.parliament.uk/archived/petitions/73922

"If you're a non-taxpayer, you'll have to reclaim the extra interest from the taxman at the end of EACH financial year and would usually require 4 claims, for a 3 year bond if it is started in the wrong months. It's not difficult to do, but the R40 form is a lot more complicated than the R85 which only requires completing once for each bond/ saving account.
For details on how to reclaim overpaid interest, see HMRC's website."

But the taxman says 'No.You have to wait until maturity'.


I have queried this with the Treasury,but doubt I'll get an answer.

McKneff

I am a pensioner and a non tax payer. Abiout 10 days ago I requested a form to fill in to claim tax back. It didnt arrive so I rang then yesterday, A lovely man told me one had been send out but if i had the details to hand he would sort it out over the phone.

Brilliant, 2 minutes later he said the tax paid would be in my bank within 10 days. Result....
No form filling, no frustraing waiting on the phone......

ossettbob

I reclaimed tax on Wife`s bond. Got refund within 2 weeks.

teddysmum

ossettbob wrote: »

I reclaimed tax on Wife`s bond. Got refund within 2 weeks.

But is it a 3 year bond ?

xylophone

But is it a 3 year bond ?

See http://www.hmrc.gov.uk/tools/r85/r85-2015.htm

Note that you must include

Total of gross interest paid to you by banks, building societies and National Savings & Investments or credit unions*

teddysmum

xylophone wrote: »

See http://www.hmrc.gov.uk/tools/r85/r85-2015.htm

Note that you must include

Total of gross interest paid to you by banks, building societies and National Savings & Investments or credit unions*

I don't see the relevance of your post as I just asked ossettbob whether the bond whose interest tax was refunded was actually a 3 year, as, being matured, a 1 year bond would not have had any problems.

xylophone

I don't see the relevance of your post as I just asked ossettbob whether the bond whose interest tax was refunded was actually a 3 year, as, being matured, a 1 year bond would not have had any problems.

I was merely suggesting that you use the HMRC calculator for the Tax Year 2015-16, put in your own figures for the year (including the interest on your Ns&I 65+ Guaranteed Growth Bond(s) (which you must do- see the Statement of Interest in my post 11 - no doubt you have the same for your Bond(s) and check whether a refund is due.

I did a dummy run with figures using only the full gross interest on the three year bond in the box for savings income and it came back with the answer that a refund was due.

sharpharp

The R40 form is an absolute farce. The form has been sent back and forth to them and still not received the refund after almost 6 weeks.

FOREVER21

Just a point if you are subject to self assessment you must claim the tax refund that way.
Form R40 will not be accepted byHMRC for a tax refund.

xylophone

The form has been sent back and forth to them

Why was the form returned to you - are you or should you be in self assessment?