Over-paying pensioners set for a windfall
PENSIONERS who have paid too much tax on their savings may be in line for a tax windfall.
The HM Revenue & Customs (HMRC) has launched TaxBack campaign to encourage pensioners who have overpaid tax on interest from savings to claim it back.
As banks and building societies have to deduct 20 per cent tax from the interest on savings before it is paid, pensioners and other non-taxpayers are eligible for a rebate if their savings have been taxed at 20 per cent.
The claim can be made through HMRC Form R40, while non-taxpayers can also ensure future savings are not taxed by completing Form R85 and sending it to their bank or building society.
For more information, call the HMRC on 0845 366 7850 or visit www.hmrc.gov.uk/taxback.
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Monday 20 February 2012
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