Student being taxed

simplysound_2

hey there i have an icici savings account from which each months interest is being taxed. Come April and the end of this tax year should i be reimbursed automatically ? Or should i be filling in some complex form and sending it off :eek:. (i do not have a job / earn money at all so i have not gone over my tax code thingy)


I am getting taxed about £6 a month and i want it back! Thanks for the help

espresso

You should have filled in an R85 tax exemption form when you opened the account. You won't get it back automatically and you will have to submit a claim after the end of this tax year.

jem16

First of all being a student does not exempt you from tax.

However if you have income less than £5225 then you are entitled to your savings interest tax-free. Remember though that income is not just earned - if you had enough savings and the interest was over £5225 you would have to pay tax.

If you are under the tax-free allowance then you can register for gross interest by completing an R85. Get in touch with your bank and ask about it.

RayWolfe

An R85 is not complex at all. If applicable fill one in and give it to icici

Mikeyorks

Certain Banks will apply the R85 retrospectively to all interest deducted in the tax year .. for that account. But I don't know if icici fit into that category .. you'll need to enquire when you file it?