NSANDI Reclaim tax on 65+ bond?

sharpharp

xylophone wrote: »

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

No I was doing this for my folks and non-tax payers as retired.


Despite filling in the R40 correctly, they deliberately keep returning the form for more information on saving, despite all the information having been entered.


The last pathetic reply was.... "was the tax gross or not".... the numpties were even sent a copy of the NS&I tax statement and still sent it back.


I'm going to pursue a complaint after its sorted for the cost of stamps to prove a point.

xylophone

The last pathetic reply was.... "was the tax gross or not".... the numpties were even sent a copy of the NS&I tax statement and still sent it back.

I am mystified.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/419507/R40_Notes__2015_internet_v2.0.pdf


https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/419506/R40_M__internet_v2.0.pdf

You add up all net interest from


"• building societies, banks and other deposit takers (including internet accounts)
from current and deposit accounts
• Government stocks – gilt-edged securities or gilts (but read the notes on
page 4 about accrued income)



• UK authorised unit trusts, open-ended investment companies
and investment trusts

• National Savings & Investments products where tax is taken off before you receive it (First Option Bonds – no longer available, Guaranteed Growth Bonds and Guaranteed Income Bonds)



The total goes in box 3.1

You add up the total tax taken off the above - this goes in box 3.2

You add the amount in box 31 to the amount in box 3.2 - this goes in box 3.3

Any interest received gross goes in box 3.4


Why the questions if the form has been completed correctly?

teddysmum

teddysmum wrote: »

I've sent an email to the Treasury , but not holding out much expectation of a reply.


After all it was George who put the scheme into action.

My goodness, I received a reply, today.


However, they didn't answer my question about when holders of 3 year bonds can claim the tax back and instead wrote a whole page about what we already know ; ie that savings from now on will have interest paid gross, that the bonds had to have interest taken and that an R45 form could not have been applied and that we can reclaim the tax using an R40 form.


A typical government attitude ie ignore the question asked and waffle on about something else, but I have replied saying that we are already aware of the information given in their reply, so would appreciate an answer to the actual question asked.

JohnRW

I'm new to this forum, but can't see if anyone has found an answer to the point that's puzzling me yet. My wife is a non taxpayer and has received the first year statement for her 3 year bond showing interest deducted. We can fill in the dreaded R40 and get that back, but how (and when) can we recover the additional interest that would have accrued in future years if that tax had not been deducted - OK it's not a vast amount but why should George get his grasping fingers on it. Anybody have any ideas before I spend hours on hold with HMRC?

LXdaddy

JohnRW wrote: »

I'm new to this forum, but can't see if anyone has found an answer to the point that's puzzling me yet. My wife is a non taxpayer and has received the first year statement for her 3 year bond showing interest deducted. We can fill in the dreaded R40 and get that back, but how (and when) can we recover the additional interest that would have accrued in future years if that tax had not been deducted - OK it's not a vast amount but why should George get his grasping fingers on it. Anybody have any ideas before I spend hours on hold with HMRC?

I don't think you will have anyway of getting the (lost) compounding.

FOREVER21

JohnRW wrote: »

I'm new to this forum, but can't see if anyone has found an answer to the point that's puzzling me yet. My wife is a non taxpayer and has received the first year statement for her 3 year bond showing interest deducted. We can fill in the dreaded R40 and get that back, but how (and when) can we recover the additional interest that would have accrued in future years if that tax had not been deducted - OK it's not a vast amount but why should George get his grasping fingers on it. Anybody have any ideas before I spend hours on hold with HMRC?

Don't bother wasting your time with HMRC, I'm afraid you will not be able to get the additional interest.

Look on the bright side you got a very good % rate and will do so for a further 2 years.

teddysmum

I'm still waiting for a reply to my second email, to The Treasury, in which I mentioned that they had not answered the question I asked.


They'll probably reply in two years' time.

Alter_ego

Alter_ego wrote: »

Sent off the R40 yesterday, I'll come back with the result.

That was 5th May. Refund letter arrived today, £80 will be in my bank within 14 days. Result!!!