Kaupthing Edge interest rates?

David1x2

Hi, I'm considering opening a saving account with KE and as a non-taxpayer would include an R85 form to claim interest at gross rate. But I noticed in the Terms and Conditions this sentence,

"Net Interest will be paid unless you have registered as a non-taxpayer by properly completing and sending us the appropriate HM Revenue & Customs form, currently R85, which we will send to you on request. However, we reserve the right to pay you Net Interest, even if you have registered as a non-taxpayer."

Can anyone tell me the purpose of the last part? (If I will only be paid net and have to go to the trouble of trying to reclaim the rest of the interest from HM Revenue then I think I will look for an account that pays gross directly.)

David1x2

Had a reply from KE. Apparently it's just to cover themselves in cases where a non-taxpayer later becomes a taxpayer,

"If the Inland Revenue at a later date inform us that you are required to pay tax, then we reserve the right to deduct this tax from you at the Inland Revenue's request."

Aegis

Sounds about right