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Question

When will I receive a Tax Reclaim?

Answer

Tax Claims are processed for ISA portfolios only. Reclaims can only be processed where income tax of 20% has been deducted at source.

Barclays claim dates are run from the 6th to the 5th of each month. We then aim to submit the claim to HMRC on the 17th of that month. The tax reclaimed is then paid to you on or shortly after the 17th of the following month when the payment is received from HMRC.

Please note that there are a number of reasons why a tax reclaim may be delayed.

  • Tax can only be reclaimed from HMRC when an original tax voucher has been received either electronically or in paper format, if we have not received the tax voucher by the 17th of the month then the tax will not be reclaimed that month. Barclays are required to work with third party Fund Managers or Registrars in order to ensure we receive these. Once the tax voucher has been received it will be added to the next claim to be submitted.
  • On several occasions HMRC have selected Barclays monthly reclaim submission for a spot check. Although no issues have been highlighted with any submission, when this has occurred the payment from HMRC to Barclays has been delayed by one month. Barclays receive no prior warning of the Spot Check.
  • On rare occasions where the reclaim is not submitted to HMRC within the first 6 months the reclaim request can only be submitted in an annual claim to HMRC which is made in October of each year. The overall time limit for requesting a refund set by HMRC is 4 years.

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