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TonyTax
TonyTax, Tax Consultant
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I am needing a tax form R82 or R85. As some tax has been

Resolved Question:

I am needing a tax form R82 or R85. As some tax has been deducted from my reward current account. I do not pay tax.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi.

The form R85 is here. However, from 6 April 2016, your interest should be paid gross as you can read here.

I hope this helps but let me know if you have any further questions.

Customer: replied 1 year ago.
Where is my form I cannot access it?
Expert:  TonyTax replied 1 year ago.

Click here:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/368534/r85.pdf

It was in the previous post behind the word here.

Customer: replied 1 year ago.
There is no form behind the 'here' only reports and information.
Expert:  TonyTax replied 1 year ago.

The form R85 is at the following internet address:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/368534/r85.pdf

I've just clicked on the link in my previous post and it works.

Expert:  TonyTax replied 1 year ago.

With effect from 6 April 2016, interest is paid without deduction of tax by the bank so you should not need the form.

Customer: replied 1 year ago.
yet I have the letter here before me saying the bank has deducted £15 on my reward current account.
Expert:  TonyTax replied 1 year ago.

When was the interest paid?

Customer: replied 1 year ago.
On the 3rd of May for the year 6th of April 2015 to the 5th April 2016
Expert:  TonyTax replied 1 year ago.

OK. That is the interest for the tax year ended 5 April 2016. Interest is paid without deduction of tax with effect from 6 April 2016, ie for the 2016/17 tax year, not the 2015/16 tax year.

Customer: replied 1 year ago.
The £5 is paid out on every month as a reward if I have over £1,000 paid into my account each month. The tax was deducted on the £75 gross paid for last year and tax deducted of £15 paid on that.
Expert:  TonyTax replied 1 year ago.

You got £5 net of tax for 12 months, £60 net, £75 gross with £15 tax deducted. That was for the 2015/16 tax year when tax was still deducted at source. The deduction of tax at source stopped on 6 April 2016 so any interest paid to you after 5 April 2016 will not have tax deducted at source so you don't need the R85.

To reclaim the tax deducted in 2015/16, complete a form R40 and send it to the tax office:

https://www.gov.uk/government/publications/income-tax-claim-for-repayment-of-tax-deducted-from-savings-and-investments-r40

Customer: replied 1 year ago.
Where do I get this form? Ok I am very pleased that this matter has been resolved. Em so far I will get the form filled out asap once I get it downloaded. Thank you once again
Expert:  TonyTax replied 1 year ago.

You get the form by clicking on the link in my previous post but here it is again:

https://www.gov.uk/government/publications/income-tax-claim-for-repayment-of-tax-deducted-from-savings-and-investments-r40

Would you mind rating my answer before you leave the site please?

TonyTax and other Tax Specialists are ready to help you
Expert:  TonyTax replied 1 year ago.

Hi again.

I found this article dated 18 May 2016. It suggests that fixed sum "reward" payments made by deposit takers will continue to have tax deduced at source whereas "interest" will be paid gross with effect from 6 April 2016.

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