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Where Taxpayers and Advisers Meet

Form R85 tax rebate ob savings interest

riccardob
Posts: 93
Joined: Sun May 29, 2011 10:02 am

Form R85 tax rebate ob savings interest

Postby riccardob » Thu Jun 02, 2011 9:20 pm

I would like to know if foreign income in terms of savings interest should be declared on form R85.
If one has an income from saving accounts in uk which is less than the personal allownace limit but has an overseas account which generates interest should this ofreign interest income be declared on the form?


Does the R85 form only apply to UK based savings?

Many thanks

maths
Posts: 7905
Joined: Wed Aug 06, 2008 3:25 pm

Re: Form R85 tax rebate ob savings interest

Postby maths » Thu Jun 02, 2011 10:27 pm

The R85 is used to get interest on UK bank and B/s deposits paid without deduction of income tax at source.

It can only be completed if your total income from all sources (UK or non-UK) is below your personal allowance.

riccardob
Posts: 93
Joined: Sun May 29, 2011 10:02 am

Re: Form R85 tax rebate ob savings interest

Postby riccardob » Thu Jun 02, 2011 11:14 pm

The R85 is used to get interest on UK bank and B/s deposits paid without deduction of income tax at source.

It can only be completed if your total income from all sources (UK or non-UK) is below your personal allowance.
Would this have to also include any income already taxed at source overseas?

maths
Posts: 7905
Joined: Wed Aug 06, 2008 3:25 pm

Re: Form R85 tax rebate ob savings interest

Postby maths » Fri Jun 03, 2011 12:50 am

Yes.

riccardob
Posts: 93
Joined: Sun May 29, 2011 10:02 am

Re: Form R85 tax rebate ob savings interest

Postby riccardob » Fri Jun 03, 2011 9:18 am

thanks for your help maths.

I am having a difficult time gathering all the info needed to make sure my parents are filing the right stuff.

I should clarify further my mum's position with regards to R85. She has a bank account here in the uk and the assets abroad are all in my dad's name.
She would be filing the R85 and my dad would not.

For the purpose of the R85 form, does she need to declate the interst earned by her spouse or is it just purely her own income that is assessed.

section 44
Posts: 4468
Joined: Thu Oct 30, 2008 12:47 pm

Re: Form R85 tax rebate ob savings interest

Postby section 44 » Fri Jun 03, 2011 10:19 am

Individuals are assessed independently for UK income tax purposes.

maths
Posts: 7905
Joined: Wed Aug 06, 2008 3:25 pm

Re: Form R85 tax rebate ob savings interest

Postby maths » Fri Jun 03, 2011 11:20 am

As section 44 states, your mum only needs on her return to declare her income. Your dad's income is separate from hers.

Thus, if her total income is less than her personal allowance R85 she can file.

I am assuming that they are both resident in the UK.


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