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Children's account and tax on interest

(4 Posts)
BlueThursday Thu 11-Jun-15 13:01:55

We opened an account for DD just after she was born so in my sleep deprived state at the time I may have misunderstood.

DD has had her first bank statement through and she's been deducted tax on her interest. I thought that she wouldn't pay tax on her first £10,500 or so - not that she has anywhere near that!

If I thought she'd be paying tax on interest I'd have just put all her money in my own ISA.

Can anyone advise before I go question the bank?

NameChangingAgainandAgain Thu 11-Jun-15 13:04:45

They recently did this with one of our accounts. We had to complete a form - r80 I think? - And send to HMRC. They refunded the interest paid. It has been going on four years, despite me telling the bank and filling in the forms!

NameChangingAgainandAgain Thu 11-Jun-15 13:05:56

Meant to say, they refunded the tax she paid on the interest.

BlueThursday Thu 11-Jun-15 13:08:26

Thanks I thought so - I said at the time about the R85 and they said they would deal with it... Grr!

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