icesave - tax certificate

You should...but having rung the FSA they now say they are going to provide a tax cert (having said that shortly after they took over its liabilities that it wouldn't because"its not a bank")...but only if you ask for one!

see below the email I got some months ago when I asked about how I was going to fill in a tax return.

Unfortunately online accounts are closed, you will not be able to access it.

Interest is calculated as per the terms and conditions you have signed up with Icesave. If you have provided a R85 form when you opened the account, you will be paid gross. If not it will be calculated as net.

The FSCS does not hold any information in regards to tax calculations for Icesave accounts. We can advise you that HM Customs is aware of the matter. Therefore you should contact the Inland Revenue directly for any such queries.

Furthermore as the FSCS does not operate as a bank or deposit taking institution we will not be issuing any bank statements.

Please refer to our website for further information, which contains Frequently Asked Questions about Icesave

However, if you are still unsure about any matter, please call our helpline on: 0207 892 7300. We will try to respond to your query as soon as possible.

Yours sincerely

Customer Services Team

This was changed in the budget. You should now get a tax certificate.

I can't answer your question, but there should be no need for a tax cert to complete your tax return (I assume that's why you've asked the question).

Assuming you've downloaded or otherwise retained statements of transactions in the tax year, you'll be able to spot the interest received.

Some banks show tax deducted (if any) separately. Otherwise, you can simply assume 20% was deducted unless you had filed R85 to receive interest with no tax deducted. (Or, exceptionally, if it was a "qualifying time deposit")

HMRC rarely require "interest" tax certs - indeed, they specifically don't want any supporting evidence when filing returns.

HTH

Apparently according to the FSCS only if you ring up and request one will you get one. I suppose same thing happens with some banks/building societies..they dont want to send them out needlessly to some 80 year old who only has her pension and a few £'s in the bank.

That's the rub. Many (most) people didn't realize that as soon as they'd filled in the FSCS claim online they'd be permanently locked out of the Icesave website and so don't have a saved printout of every transaction. (All I had was a printout of the balance)

It's mostly still not too hard in theory because you can find all the transactions into and out of Icesave via your linked accounts. The only problem occurs when you've transferred money to or from ISAs.

(Everyone was sent a statement with their end of tax year balance in the previous year which is the other piece of information needed)

But it's not actually that easy to find all your transactions into and out of Icesave - at least it wasn't for me.

Tim.

says: : For your information tax certificates for the tax year ending April 2009 : will be delivered by post to customers shortly.

Theo

spot on Theo... was relying on info given by FSCS on the phone..didnt realise the website was still useful!

spot on - that is exactly the position I find myself in.