Students: Reclaiming tax paid on savings and investments

If you are fairly certain that all your income - including your interest and any earnings - is covered by your tax allowances then you can register to receive your interest without tax deducted by completing a form R85 (PDF 53K).

Your personal allowances may change from year to year and your income is also likely to vary. So, you must regularly check that you are still eligible to receive your interest without tax deducted.

If your income rises above your personal allowances, you must write to tell your bank or building society that they should start to tax your interest. You must also tell your Tax Office if you think that you should have paid tax on interest you have already received.

You can find further information on our Taxback page.