An R40 form is for you to claim overpaid tax on the interest you have earned from savings and investments. R40 form allows HM Revenue and Customs to assess whether you paid too much taxes and a refund of any monies that they may owe you is made.

R40 form is the same as HMRC Form R40, or R40 Tax Repayment Form, which the UK HM Revenue and Customs issues. The government last reviewed it on April 1, 2020. For you to apply for refunds using Form R40, you must be a resident in the UK.

  1. How to Make a Claim with Form R40
  2. How to Fill in an R40 Form
  3. Conclusion

How to Make a Claim with Form R40

You can claim a refund using form R40 in the following ways.

Use the Online Service

To use the online service, you need a government gateway user ID and password. If you do not have a user ID, you can create one when you use the service. After using the online form, you get a reference number that you can use to track the progress of your claim.

Use a Hard Copy

Filling in the form on the screen, print it, and send it to HMRC.

Claiming on Behalf of Someone Else

A claim can be made on behalf of another person. The person may be minor or deceased. It is done in the process below.

  • Print the postal form
  • Fill it in by hand
  • Post it to HMRC and the residential address of the minor must be indicated.

How to Fill in an R40 Form

You must complete the following sections where applicable:

1. Personal Information

You must provide your details such as your name, national insurance number, and contact details. In case an agent is involved, you can include the agent’s name, address, and phone number.

2. Income, Pensions, and State Benefits

You must declare all your income sources such as employment, pensions, and other types of taxable state benefits.

3. Interest and Dividends

All interests received from banks, building societies, and the taxable amount deducted or any untaxed dividends must be stated in this section.

4. Trust, Settlement, and Estate Income

Any income received from trusts, settlements, or estate. You must indicate the Unique Taxpayer Reference (UTR) of the trust and details of any other income received.

5. Land and Property

If you own a property and it brings profit or losses, you must indicate profits gained or losses suffered. In addition to that, you must include any expenses you incur.

6. Blind Person Allowance

To make this claim, you must first register with the relevant authority.

7. Signature and Date

At the end of the form, you must put a signature and a date to agree that the information given is true and correct.

The R40 form also has sections where you also provide details about any additional information that may be relevant.

Conclusion – R40 Form

Only UK residents can fill out the R40 form to claim a refund on income tax. You must forward the completed form to the UK HM Revenue and Customs, for the application to be complete. You can also submit the form electronically if you have a gateway user ID.