gross or net rates on investments???

you are only a non tax payer with respect to gambling income. if you have other income that is taxable (investments) and if you are above the relevant threshold, then this gets treated in the usual manner

oh sh*t am I in the net

If you've had tax deducted at source on any interest payments/gains, I assume you can claim back the tax paid on the first £6475, which is your personal allowance, assuming no other taxable income.

Complete a Form R85 (google for details) - providing your total taxable income from all sources is below £7475 you can be paid gross.

If the bank does deduct tax - Complete a Form R40 at the end of the tax year and reclaim the tax paid.

I was in the same position up until last year when I transferred my savings to a NS&I account which didn't deduct the tax at source. Previously I just donated money to charity and let them claim the overpaid tax in gift aid. I now have to fill in an online form on the tax site to declare interest payments. A pain in the @rse getting set up but not a lot of hassle once you are. I haven't had any sudden interest from them in how I make my money or anything like that but I preferred my old arrangement.

NS&I interest rates are sh1t

Delta, I couldn't be bothered continually opening and closing bank accounts to get bonus rates especially as changing within a bank required a visit to the bank. Without those bonus rates the banks are worse than NS&I. Regardless of that, I'd rather get ripped off by the government.

I couldn't be bothered continually opening and closing bank accounts to get bonus rates especially as changing within a bank required a visit to the bank

I've opened around 10 up online with no need to visit the banks. I agree though it is annoying when the bonus comes off and you have to fart around opening other ones.

Lloyds/TSB often have the bonus rate on the same name account (e.g. easy saver) such that if you try to open a new easy saver account it tells you you already have one. You have to close that one first before you can open the other one but it won't let you close it online. None of them tell you when the bonus rate is up either. It's just legalised fraud. The FSA should at least make them show the current interest rate against the account name in pc banking. I hate the fkng lot of them. I've got almost all my money in the one place now, I don't have to keep chopping and changing accounts, there's no limit on compensation and I'm not funding the massive bonuses for guessers scheme.

I've got almost all my money in the one place now,



Good man Feck. The liquidity on purple has gone ballistic since you made that welcome move. [;)]

Ive been paying NI which I know is probably pointless. Revenue phoned me up and told me I should get the form and get paid gross and only contact them should I go above the threshold or make capital gains.

Only hassle is that my bank told me I need to fill in a new form for every new account. Dunno if that is right but Ive been doing that anyway.