Getting interest without tax taken off

Getting interest without tax taken off

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My friend is a receiving a grant to study for a phD. She has already used up her cash ISA for the current tax year and is looking to put some money into a savings account. She earns no income from employment. Is she eligible to claim interest without tax taken off? (form R85)
James Milner

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By User deleted
17th Apr 2007 20:56

Providing total income less than £5225
Providing that total income in the tax year from 6 April 2007 to 5 April 2008 is most likely to not exceed £5225 (the current tax free personal allowance) then the investor / taxpayer is eligible to sign R85 so that interest will be received gross without tax deduction.

Any ISA interest is totally disregarded unless, in error, there has been an over-subscription (ie. invested more than the £3000 limit into cash ISAs in the same tax year).

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