Form R85

wendy30

I currently do not work as I am looking after our little boy. I'm thinking of maybe opening a savings account. Or of course I can just have an ISA. Am I right in thinking that I can fill in a form R85 so that I don't pay tax on savings? My only income is WTC (in respect of OH who works) CTC and Child Benefit. I've looked on HMRC website and I think I'm right but could anyone double check for me? If the account was in joint names could I still fill in the R85?

Thanks

debbie42

wendy30 wrote: »

I've looked on HMRC website and I think I'm right but could anyone double check for me? If the account was in joint names could I still fill in the R85?

When you fill out an R85, it has a list to add up your income, and you should only claim the interest tax free if you are below it, so it depends what yours adds up to.

If an account is in joint names you can still apply an R85, but you'll only get half the tax back, so it's better to have savings in your sole name to take full advantage of it.

Mikeyorks

wendy30 wrote: »

If the account was in joint names could I still fill in the R85?

Fully agree with debbie's post ..... but a lot of Banks / BSs won't accept an R85 from one of the parties .... on a joint account. But better, perhaps, to resolve the problem by putting savings wholly in your name (ISA in OH's name ...... to balance?) whilst you're tax free?

http://www.hmrc.gov.uk/tdsi/joint-accounts.htm

Careful_with_that_Axe

Mikeyorks wrote: »

Fully agree with debbie's post ..... but a lot of Banks / BSs won't accept an R85 from one of the parties .... on a joint account. But better, perhaps, to resolve the problem by putting savings wholly in your name (ISA in OH's name ...... to balance?) whilst you're tax free?

http://www.hmrc.gov.uk/tdsi/joint-accounts.htm

I would do this only with caution although I understand about balancing monies. Did something similar myself and lost out on the money when I split with OH as could not prove legal claim on it.