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TSR Wiki > University > Student Life > Finance and Money Management > Get Tax Free Interest on your savings (Form R85)

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The vast majority of students earn less than the taxable threshold of around £5,250 per annum. If you do earn less than the taxable threshold, you can receive any interest on your savings tax free (or Gross), instead of having it taxed at 20% as banks and building societies do by law.

In order to get your interest tax free on your accounts, you need to go into a branch of your bank or building society and ask for your interest tax free. They will either do it on your computer or request you fill in a R85 form

Links

• Direct Gov guide to tax free interest

• The form is available online in a printable format below (note it is a PDF):
  • The application form

• National Insurance and Income Tax - TSR guide to NI contributions and income tax payments.