Interest on savings - Form R85

It is a requirement by law that banks and building societies must deduct income tax at the appropriate rate from the interest on your account before we give it to you.  This tax is then paid to HM Revenue & Customs.

If you are a non-taxpayer, or your total taxable income is less than the tax free allowance you are due, any interest earned on your savings can be paid without deduction of tax - all you need to do is complete form R85.

Once you have completed and handed form R85 to us, your interest will be paid without tax until you, or HM Revenue & Customs, cancel the form.  However, young people will need to complete a further form R85 in their own right in order to continue receiving interest without tax being deducted after their 16th birthday.

You can register more than one account with us on a single form R85, providing the account numbers are clearly shown in the boxes provided.  If you open a new account and you are still entitled to receive interest without tax taken off, then you must complete a separate form R85 for the new account.

Please note:  Separate form R85s are required for different banks and building societies.

Important information:  If your savings increase or you start to receive income from a new source, you may no longer be entitled to have your interest paid without deduction of tax, eg if you:

-  start getting a pension, including a state retirement pension, or
-  start a job or business.

It is important to check that your income is less than your tax-free allowance from one year to the next.

If you are entitled to receive interest without deduction of tax and wish to complete form R85, please click here to view the form.  Please print, complete all sections in full and forward to the society.