Non-taxpayers urged to complete R85

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Non-taxpayers urged to complete R85

Tue 28th Jun 2005

People in the UK who don't pay tax have been advised that they could save substantial amounts of money by just filling in a simple form.

According to IFA Promotion, over six million non-taxpayers could save an average of £53 each - a total of £318 million - by filling in an R85 form.

The R85 form tells the Inland Revenue about a person's non-taxpayer status and enables interest to be paid tax-free into their savings accounts.

It is available from banks, building societies and local IFAs and is said to take just two minutes to complete.

David Elms, chief executive of IFA Promotion, commented: "It's astonishing that such huge amounts of money are being wasted through something so simple.

"If you're a non-taxpayer and haven't done so already, pop into your bank or building society, or visit your local IFA and fill in an R85 form - it's as simple as that."

IFA Promotion aims to promote the value and accessibility of independent financial advice to the public, representing around 9,000 firms of independent financial advisers across the UK.

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