Reclaim Income tax deducted by natwest

KILL_BILL

Natwest recently settled a PBA complaint that i made but they deducted 20% from the settlement in respect of taxes.

Does anyone know which hmrc taxform to complete so i can get it back as i am a non tax paying resident uk

molerat

R40 https://www.gov.uk/government/publications/income-tax-claim-for-repayment-of-tax-deducted-from-savings-and-investments-r40

KILL_BILL

I thought it may be that one but was not too sure.

Another point as seeing that it was a recent settlement wont i have to wait until next years tax year because the form relates to previous 5 years

Dazed_and_confused

If you are definitely due all the tax back due to low overall income I don't think you need to wait until next April.

But you might be best doing the print and post version so you can make it crystal clear that the form is for the year to 5 April 2020.

And make sure you only declare the taxable element of any payout - there are several posts on the thread linked to Martin Lewis's article about reclaiming tax deducted from the interest element of a PPI payout where people have come unstuck i.e. got a tax bill, because they appear to have declared non taxable income on an R40.

The R40 is like a simple Self Assessment return, you declare all your taxable income but don't include non taxable income.