Just a quick question for a knowledgeable person:
Client had mortgage account with Barnsley Building Society and was eligible for payment when monies were recovered after Icelandic banking crash. Can someone enlighten me as to which box on page TR3 the figure(s) need to be entered into. Client does not/did not have a deposit account so it is definitely not interest in the sense of TR3 Box 1. He also has a Tax Certificate issued by the Building Society. Scoured HMRC website and can't locate the information. Any help please.
Many thanks in advance
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Replies (14)
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The Building Society took off tax at source
which is why they have issued a Tax Certificate.
I have tried HMRC helpline but they don't seem to know and can't get me through to technical help.
If they took off tax at source ...
... then presumably the building society has treated it as interest. Have they taxed the whole sum?
Yes
Gross was £250, tax deducted £50 as per Certificate. Confirmed by client receipt of £200
I seem to remember that.......
payments of this kind were not treated as interest, maybe some sort of share. Client only has mortgage account so how could it be classed as interest?
Google...
... is your friend. http://www.barnsley-bs.co.uk/documents/Icelandic_Payments_FAQs.pdf
How did you find that, Steve?
I tried various search terms but nothing came up :(
At least the question has now been answered :)
Barnsley Building Society...
... payout!
I wasn't the first person either. Google had had the query before.
@Steve
As above, how did you manage to find that?
I scoured all over the internet trying to find the info but couldn't find any trace.
I assume from that document then that TR3 Box 1 is the correct place to enter the Certificate figures?
Superhero?
As above, how did you manage to find that?
I scoured all over the internet trying to find the info but couldn't find any trace.
I assume from that document then that TR3 Box 1 is the correct place to enter the Certificate figures?
Steve is no ordinary human, his Google skills are clearly as good as his tax advice!
You could go as far as to say he is an accountingweb superhero!
Wouldn't you just know it
....sometimes the easiest way to Google is to just put in what is on the tin.
Thanks to everybody
....especially Steve.
I know everyone must be really busy with the deadline looming large so a big thank you to all for taking the time to answer.