non tax payer looking for saving help

PokerPlayer111

Hello i'm new to this forum and i dont know much about savings. I'm a professional poker player from england so i dont have to pay tax on earnings in this country, i'm therefore a non tax payer, i'm looking at starting an online saver with tescos at 5% net.

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/internetsaver/index.jsp

part way down the page it says, Please note, if your interest is paid gross, you will be required to fill in an inland revenue R85 form.

Since i'm a non tax payer does that mean the govenment will try and take a portion of any savings of mine?

What exactly does it mean when it says if my interest is paid in gross? (can i just get it paid in net or something ?)

thanks,

steve

neil324

If your a none tax payer like you say you are you need to fill in the R85 form requesting your interest be paid gross with no tax deducted. But if your interest earned is above your personal tax allowance for the year then do not fill in the form. Claim the tax back using your 352 certificate issued by the bank at the start of the next tax year.

Lokolo

Gross = before tax
Net = after

Automatically banks will pay the interest -20% because of tax. You can stop this by above, filling an R85 form in.