Under 18 savings account Tax

bradc

Hi Everyone
I am coming up to 16 soon and currently pay no tax on my savings. I plan to stay in full time education so my income is unlikely to go over the £5k tax free income allowance for a few years so I won't be a 'taxpayer'. When I am 16 will I have to start having tax taken away from interest from my hard-earned savings? I know when I opened the account I had to complete a form for tax so if I stay with the same account what will happen when I turn 16?
Thanks in advance, if I don't have to pay tax then I would prefer not to!

PBA

At some point during the year after you turn 16 the bank will send you another R85 form to sign to confirm you're still not a taxpayer. Then this stays registered on the account until you tell them you're not a taxpayer any more.

Lokolo

I don't know what you put on your form so can't tell what is was you were saying. However, to not pay tax you have to fill in this form:

http://www.hmrc.gov.uk/forms/r85.pdf

And send it off

bradc

Thanks PBA. I hope my bank will send me another R85 sometime after I turn 16 so I can carry on saving tax free. If they don't I will pop in and ask.

Cheers