child been paying tax on savings

nutty1

my son as had an account from being about 4 and has been paying tax on his savings, been in bank about it but they said we would have to sort out getting it back ourselves. when i asked why he had been paying tax she just said it was because he hadn't sign a form. he's had the account for about 15 years. we've no saved statements so how do we go about getting it back. any help, thanks

Jamesarcher

This should help you..

http://www.hmrc.gov.uk/taxback/claiming-back.htm

nutty1

it looks very complicated.don't know how much tax he has paid over 15 years or how much interest he got after the tax came off.

Trying_to_be_good

If you ask the bank they should be able to tell you, though they may charge you for duplicate (copy) statements. If they knew his date of birth (they should've done) you could try and make them feel a bit guilty and give you the statements for free - ideally they should have asked if he was a taxpayer when they opened the account.

nutty1

Trying_to_be_good wrote: »

If you ask the bank they should be able to tell you, though they may charge you for duplicate (copy) statements. If they knew his date of birth (they should've done) you could try and make them feel a bit guilty and give you the statements for free - ideally they should have asked if he was a taxpayer when they opened the account.

it was a childs saving account, so they should have known

Mikeyorks

Makes no difference - children are subject to tax depending on the total of their income or, more usually, if contributions from parents generate more than £100 in interest pa. Just because it's a childs account doesn't mean the Bank can therefore assume interest can be paid gross.

Bear in mind you need an R40 for each year .... and you can normally only claim back 5 years (see the HMRC link above)