about tax

[raymond 42]

I have been told by the inland revenue that my tax status
is 10% bracket, i have been to my bank who are taxing
my savings at 20%.i asked about paying tax at 10%.
they said that they only had three bands.
1 40%
2 20%
3 nil tax band
are they correct ?
any advice appreciated.
Ray

[kags]

If you are not a tax payer at all, you can sign a form to say so, and bank will not deduct any tax from the interest it pays you. As you are a tax payer, you cannot sign this form, therefore the bank MUST deduct tax at 20%. You may reclaim the balance at the end of the tax year. If you contact your tax office now, they will note their records to send you the necessary form to complete - on this you must show all your income for the tax year, including the bank interest.

[raymond 42]

thanks kags,
that is a big help, but for what i might be able to claim back,
i dont think i would like any more dealings with I.L.R.
I HAVE HAD ENOUGH PROBLEMS WTH THEM.
Ray

[kags]

sorry to hear you have had problems Ray - in my experience Repayment Claims are usually dealt with promptly and with minimum fuss - and it's your money after all!

[raymond 42]

Ok kags,
i wil take your advice, the revenue got me a little paraniod
thats all
thanks again
Ray