Ripped off - I shouldn't have even been paying tax!!

newbikerbird

I was at the bank opening up my first ever ISA today.:T

I couldn't believe what the lady arranging it was saying.

For the last 7 years i have been paying tax on my savings and, as it turns out i shouldn't have been.:eek:

I'm married but i do not work as i am a stay home mum of three.

The nice lady was saying that i should have been asked by the bank when opening accounts whether or not i was a taxpayer.

NEVER HAPPENED.

I opened an online savings account with ING. Of course they never enquired either.

But if your determined you can find info eventually on their site.

Of course i have sorted this out now. But SEVEN years the government have been skimming off my interest and, surprise, surprise i am not allowed it back.

IT'S MY MONEY

I think if i go back to work i should hold my tax back from them. (If Only)

The rules should apply both ways - if i over pay i should be allowed to claim the full amount back.

I am so retiring to a country where the government is no where near as money grabbing and deceitful as this one. And, believe me, it's not that hard!!:mad:

There, i feel better now

dmg24

So because you didn't tell the bank that you were within your tax allowance, it is everyone else's fault?

You won't find it any different in any other country. You need to be more proactive in managing your finances.

jonesMUFCforever

If when you retire to a foreign land and are no longer domiciled in UK for tax purposes you do know that you will have to close your ISA as you will no longer be eligible to have one.

Fen1

You can claim back all the tax you've paid on your accounts for at least the last five years ( I think it might be 7 or 8 ). Go to the HM revenue and customs website and there are downloadable forms you can use to get your tax back. Give them a ring as well to see what else you are owed - have you been getting your NI if you've been at home with children?

Also immediately sign an R85 form for every account you have - it states you are not a taxpayer.

newbikerbird

I can claim back that many years, you have made my day Fen1. I was told i could only claim back 1 financial year!

dmg 24 - You are so right. I should have looked into it before now and been proactive. I made a stupid assumption that because my husband pays tax i should be to - idiot.

Retiring to a different country would mean a lot less tax to pay, that's why so many people are jumping ship now at retirement. It's not just the sun.

As for the isa - eligibility doesn't matter as i am a non-taxpayer i need not apply to a tax free savings account. So i am not worried about that.

Thank you to loaner i am off to ring that number now.

This post was really just to let others know if they are as dim as me and ended up with me sounding off.
But it made me feel better!!

calleyw

You have answered a question for as well.

As my husbands only income is IB and DLA and he has been paying tax on his savings.

So was wondering if you could claim it back.


Yours


Calley