Nationwide B/soc Account Interest?

[Dave the Dude]

Hi

I downloaded a R105 HMR&C form direct from their website and it states on the form that "B/soc's, banks etc do not have to accept this form."

Many 'moons ago' before I moved to LOS, I remember being told IN a branch that the only form N'wide have to stop the debiting of tax in interest only applies to people on benefits. That is a situation that I am pleased to say has never happened in my working life. The Nationwide Tax form that is downloadable states one must be living in the UK.

My question is:- Is there anyone out there receiving untaxed interest from Nationwide (not International) B/society, UK and if so, what forms were provided to them (N'wide or HMR&C)?

Thanks in advance

Dave

[briley]

Nationwide interest is taxable.

But if your UK taxable earnings are less than the personal allowance (around £5800pa) then you can fill in the form Nationwide give you and get paid tax free. Otherwise you have to claim a refund from Inland Revenue.

You can get the form off the web, log onto your account, into flexaccount, other services and print off an R85

(PS ignore the living in the UK bit)

Edited May 8, 2008 by briley

[PattayaParent]

Isn't there an offhore branch of Nationwide that will pay you interest gross if you're not a UK resident?

If Nationwide don't have an offshore branch there's plenty of others that do.

[JohnC]

Nationwide have an International branch based in the Isle of Man but I think you have to be a UK resident when you open the account then you simply change your address to Thailand.

[Dave the Dude]

I am aware of an International Dept of Nationwide but most have a minimum balance requirement that unfortunetly I cannot comply with. I used to be with HSBC in IOM but changed to the N'wide for this same reason.

Thanks for the input

Dave

[prodriver]

Nationwide have an International branch based in the Isle of Man but I think you have to be a UK resident when you open the account then you simply change your address to Thailand.

One doesn't have to be a UK resident to open an account with Nationwide International (unlike Nationwide Building Society). I have opened an account with them since living here in Thailand. You, of course, have to satisfy their ID requirements to meet the anti-money laundering regs. Living outside the EU one is able to receive any interest without tax being deducted.