Bank and building society interest - Example 13

Mr Perera does not live in the UK but he does have savings here with ABC Bank. Mr Perera has given his brother Power of Attorney over his tax affairs. Mr Perera’s brother asks ABC Bank whether they accept form R105 – they do.

He then completes form R105 with his brothers details and signs it himself, on behalf of his brother, because he holds Power of Attorney. He ticks the box ‘I am not beneficially entitled to the interest, but I receive it for someone else’.

Mr Perera’s brother decides to leave the UK and join his brother abroad. He also has savings in ABC Bank. He completes form R105 and signs it himself. He ticks the box ‘I am beneficially entitled to the interest, it belongs to me’.