R40: claim back tax deducted from savings and investments
How to claim back overpaid tax on UK savings, bank interest, PPI, or trust income using Form R40.
Short answer: If tax was automatically taken from your UK bank interest, dividends, PPI payouts, or trust distributions, you can claim it back using Form R40. If your total income is below the tax-free personal allowance, HMRC owes you a full refund. Matthew calculates what you are owed and files your claim directly with HMRC.
Key points
- Use Form R40 to reclaim Income Tax deducted from savings, PPI, or trusts.
- If your total income is under £12,570, all deducted tax is refunded in full.
- Can claim back up to 4 previous UK tax years.
- Matthew calculates your refund and submits the claim to HMRC.
When to use Form R40
Form R40 is used when you do not complete a full Self Assessment tax return, but tax was deducted at source from your UK savings, investments, or payment protection insurance (PPI) refunds.
You can claim a repayment for the current tax year plus the previous four tax years, potentially putting hundreds of pounds back in your pocket.
Written and reviewed by Matthew S Manderson CTA ATT AMIT
Chartered Tax Adviser (CTA), Association of Taxation Technicians (ATT), Association of Malta International Taxation (AMIT). General guidance only; tax treatment depends on individual facts.