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Blog

What is a CT61? 7th Sep 2016
Although most banks and building societies do not have to deduct Income Tax from interest payments they make to depositors from April 2016, the same does not apply to others that pay interest.

Consider an owner-managed company whose directors had deposited a considerable sum with the company that was credited to a loan account in the company books. Periodically, the company made an interest payment to the directors involved.

When the interest payment was made the company would have to pay 80% to the director and 20% basic rate tax to HMRC. The company would then be required to notify HMRC that the payment had been made and pay the tax deducted.

TheCT61istheformthatwouldneedtobecompleted.Regular payments would have to be reported and paid quarterly. To ease the red-tape, payments of interest could be made at the end of the tax year in which case only one return would be necessary.

ISA investors may be interested to read the following guidance issued by HMRC regarding the transfer of ISAs from one provider to another.

What you can transfer:

You can transfer a cash ISA to another cash ISA with a different provider. You can do the same with stocks and shares ISAs.You can also transfer a cash ISA to a stocks and shares ISA or vice versa.

If you want to transfer money you’ve invested in an ISA this current year, you must transfer all of it. For previous years, you can choose to transfer all or part of your savings.

Check with your provider for any restrictions they may have on transferring ISAs. They may also make you pay a charge.

How to transfer your ISA: 

To switch providers, contact the ISA provider you want to move to and fill out an ISA transfer form to move your account. If you withdraw the money with out doing this, you won’t be able to reinvest that part of your allowance again.

Deadlines and complaints:

ISA transfers should take no longer than
  • 15working days for a cash ISA
  • 30working days for stocks and shares ISAs
If your transfer takes longer than this, contact yourISAprovider. If you’re unhappy with the response, you can take the matter up with the Financial Ombudsman Service. Telephone:08450801800. Monday to Friday,8amto8pm, Saturday, 9amto 1pm

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