Large sum of money deposited in my account.....
 

....and I have no idea what its for !
All the bank can tell me is that its from the Bank of England.
It only has "SA" on the bacs remittance.

I have racked my brains (didn't take long!) & cannot for the life of me think what its for - only outside chance is a tax rebate but they don't do those BACS do they?

Anyway - I am assuming that it will be taken back soon, but whats my position ? Can they just remove it, or after a certain time period can I claim it ?

R.

This is from the Inland Revenue on the back of your tax assessment form you will have completed.

ill ro-sham-bo you for it :D

they can reclaim it, if you spend it, they can spank you for it! be warned.

how much is it?

if its a LARGE amount, I would be tempted to take it and run :D

if its a large sum, move it somewhere where it'll pick up some interest... almost guarenteed that they will want it back at some point. so you may as well gain something out of it in the short term. I dunno if they can just take it without informing you, maybe they can?

Of course this all depends on how large we are talking !

Ahhhh thanks Scott. I did wonder but I thought they sent through cheques rather than BACS transfer the amounts....plus had no notification through the post....yet.

Thanks again.

R

Sounds like a mistake that you will eventually have to pay back. However, for the interim period why not transfer it to a high interest HSBC account (8% for the first 12 months at the moment I believe) and watch it grow. When they ask for the money back keep the interest, may be a lot, may be a little depending on how long it takes and amount.

That's what I would do anyway.

Ian

Could SA be "self assessment" ??

PS - When I say large......its a few K.....but not more than £8k so suppose large in most peoples eyes !

Yep SA of course, Self Assesment......cursed doing it at the time but now glad i did......until they claim it all back & then some next year....

They pay the money via BACs (I'm assuming you did your tax assessment online as they ask you for your bank details here) asap. You should receive the documentation through the post in the next few days telling you of the payment/details of your account (i.e. why you got the rebate back).

I did it by paper/post, but remember I did fill in all my bank details.
Cool, nice early Xmas pressie, kids will be happy !!

ring Tax office and ask!