﻿ Could you claim tax back on your savings? - Pembrokeshire County Council

Advice and help applying for benefits

Could you claim tax back on your savings?

Banks and building societies are required by law to deduct income tax at 20% from interest before they pay it to you.  They pay this to HM Revenue & Customs.  If you are not due to pay any tax you can register your bank and building society account to receive your interest without tax taken off.  You do this by completing form R85 and giving it to your bank or building society.

If you are due to pay a small amount of tax (you fall within the 10% tax bracket) you may be able to claim back some of the tax taken off. Please contact your local tax office.

If you need more help please ring HM Revenue and Customs (HMRC) on 0845 980 0645   www.hmrc.gov.uk/taxback.  

ID: 2176, revised 24/01/2018