Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello Alan, I am Keith, one of the experts on Just Answer, and pleased to be bale to help you with your question.
For the time indicated in your question it was normal for deposit taking organisations to deduct Income Tax (IT) at the basic rate from depositors unless advised to the contrary. If this was indeed the case you should contact your tax office with a view to your amending your returns which were incorrectly calculated and ask for a refund of over paid IT. If tax were not deducted at source then HMRC would normally collect the tax due by reducing your tax coding to achieve this. Of course from the 16/17 tax year the first 5K of deposit interest income is free of tax and it is not being deducted at all by interest payers.
I do hope that you have found my reply of assistance.
These days it usually takes about 6 weeks before the average office even gets around to reading your letter.
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