Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

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!

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now