can i reclaim tax on savings interest?

brightonman123

i beleive certain folks (youngsters, students, oaps, unemployed?) can claim gross interest on what savings they have, though can it be backdated?

was out of work for a few months last year, and as the big shop says, every little helps!

Aegis

If you can sign a declaration stating that you won't earn above the lower earnings threshold for income tax (somewhere around £5500 this year) then you can fill in a form R85 and ask for your interest to be paid gross. If your earnings are over that level, you must cancel your gross interest.

Baldur

See HERE for more info about savings interest taxation & HERE for tax/personal allowance info.

Jonbvn

brightonman123 wrote: »

i beleive certain folks (youngsters, students, oaps, unemployed?) can claim gross interest on what savings they have, though can it be backdated?

If you earnt over the lower earnings limit (about 5.25k last year) then you will be unable to reclaim the tax on the interest.

Lokolo

Just to add onto that. You don't get gross interest because of who you are or what you do. You get it because of the above, how much you earn.

Students, unemployed etc. are 99% in this catagory so it goes by the norm, but theres always an odd pickle in the jar (is that even a saying? )

brightonman123

thanks to all- no need now, as just got offer of 3 month temp job back where i was last year!