Is an FD5 a FD5?

[suein56]

[quote user="David"]

 We have not received any UK tax repayment for that year.

We are about to complete our third annual French tax return, so what should we do about reclaiming the UK tax paid on bank interest?

We were not too bothered last year as the amounts were quite small, but this year is more important due to financial constraints. [/quote]

As I understand it from speaking to a very nice man in Nottingham - +44 151 210 2222 - you only need to complete the France Individual form once - unless your income is above your UK personal allowance. After that you can complete an R43 (downloadable from the Internet) and send it to Nottingham yourself using the Tax code you received with your first rebate reclaim via the old FD5.

You can ring Nottm and ask if they received your form last year, if they did not then fill in an R43 - you have up to 6 years to reclaim the tax taken from you by your Bank.

Sue

[cooperlola]

The form can be downloaded HERE.  It's a bit of a bore but you do have to do this every year to claim back the UK tax.

[David]

SPG and Coops,

Many thanks for your very clear answers to my question.  I had wrongly assumed that you used the FD5 each year, so it seems that I was using the wrong form and the wrong method.

Many thanks again.

David

Edit.  p.s.  Should I claim back the UK tax for the UK tax year or the French tax year?  In my French tax return I will be declaring the interest earned for the French tax year. 

[cooperlola]

Personally, I claim for the UK tax year as it's the UK authorities I'm dealing with.  It's really of little interest to the French, so long as you've paid up over here, how you get the money back, imo.

[BobDee]

I have fond hopes that having submitted an FD5, and not being in receipt of a government  pension taxed at source, my bank and building society can be persuaded to pay all interest gross. so no more UK tax! and thus no more claim forms!

Am I in dream land?

BobD

[cooperlola]

Depends on the bank/building society....

[Ron Avery]

Bob  You are in dreamland, few now pay gross to overseas customers R85 or whatever it is or not!!

There are a couple of ways to get back tax paid on savings in the UK. the easiest if you have a non government pension and you have to do one anyway, is to do it by a UK self assessment tax return in the year concerned.  Provided that that you have your pension paid gross in France, all you do is complete the assessment with the details of the tax deducted and interest paid, (you do NOT have to declare your French taxed pension ) and provided that the total income from savings is below your free pay, you get the tax paid refunded.  This is the method recommended by the HMRC centre for non-residents at Bootle.

[mint]

[quote user="cooperlola"]Depends on the bank/building society....[/quote]

Except that even the same organisation does different things.  For example, I have an internet based savings account with Nationwide on which they pay me interest gross; it was opened when I was still living in the UK.

I also have an internet operated savings bond with the same building society and the interest on that is going to be paid net.  They told me that as I now live overseas they cannot pay me gross.

Needless to say, I have kept schtump about the other account and will just quietly claim back the tax from the UK when the bond matures.

I think that even within the banks, building societies themselves, it's a case of the right hand not knowing what the left hand is doing. 

[BobDee]

Just off the telephone with Nat west and Nationwide.

I have E savings with both. Natwest say if you want your interest paid gross you will have to close the account.

Nationwide say no problem, just fill in their R85 form. Young lady there said vast numbers of their customers are overseas and get interest paid without tax.

Nationwide win again!

BobD

[David]

BobD,

Will Nationwide accept new overseas customers?

David

[BobDee]

David,

I think not but Nationwide International will

BobD

Sorry Mods, this is not meant to be a Nationwide plug!

 

[gosub]

[quote user="BobDee"]

Just off the telephone with Nat west and Nationwide.

I have E savings with both. Natwest say if you want your interest paid gross you will have to close the account.

Nationwide say no problem, just fill in their R85 form. Young lady there said vast numbers of their customers are overseas and get interest paid without tax.

Nationwide win again!

BobD[/quote]

That's strange because I have tried several times to submit an R85 to Nationwide and have always been refused.

An extract from their online banking site, my bold

Helpsheet for Form R85(2007)

This form is for your use. So do not hand it to Nationwide or HM Revenue and Customs

The law allows everyone who lives in the UK to receive some income, at least £100 a week, before

tax has to be paid. If your income is below that limit, and you’ve got some money in a bank or building

society, you will be paying tax on your interest when you don’t have to.

If you live in the UK, use the notes below to see if you should be filling in the attached form

'Getting your interest without tax taken off (form R85)'. If you need help, please phone the HM Revenue

and Customs Helpline on 0845 980 0645. (If you don’t live in the UK, year on year, please phone the

Helpline.) Type Talk is available using prefix number - 18001.

Please don't ask Nationwide for advice – it's the HM Revenue and Customs's job to help you fill in this

[BobDee]

Gs

Think you are right, having spoken to the HMRC help line who say that the R85 does not apply to non UK residents.

It looks as though I have to come down to earth and accept that every year I must claim tax in a proactive way, like asking for it, or does the HMRC system eventually work out that you have overpaid and eventually send you a refund?

Sick and tired of tax matters, and having posted off my forms, I'll try and get on with life.

BobD

[gosub]

[quote user="BobDee"]

Gs

Think you are right, having spoken to the HMRC help line who say that the R85 does not apply to non UK residents.

It looks as though I have to come down to earth and accept that every year I must claim tax in a proactive way, like asking for it, or does the HMRC system eventually work out that you have overpaid and eventually send you a refund?

Sick and tired of tax matters, and having posted off my forms, I'll try and get on with life.

BobD

[/quote]

Despite what others on this forum say about claiming tax refunds on building society interest payments. I fill out form R43 and send it off to Nottingham (if it's a joint account you will need separate forms and each claim half the interest paid). It's very simple and the tax is refunded quickly.

[Ron Avery]

Agreed Les, I gather an R43 does work, but if you are like many and are still asked to complete a UK self assessment each year then the easiest way to get your tax back is as I described above.