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Information for Savers

The Hanley is a member of the following organisations:

The Building Societies Association

The Financial Ombudsman service

Investor protection

As a customer of Hanley Economic Building Society your account(s) with us are covered by the Financial Services Compensation Scheme up to the maximum of £50,000 per person, unless you are:

• A large company
• A large partnership
• A large mutual association
• A local, provincial or municipal authority
• A credit institution
• An overseas financial services institution
• An operator or trustee of a collective investment scheme
• A pension and retirement fund or a trustee of such a fund
• A supranational institution
• A government, or central administrative authority
• A firm within the Hanley Economic Building Society group
• A person whose claim arises from transactions relating to a conviction they have received for money laundering.

Further details of exclusions from FSCS cover can be found on the Financial
Services Authority website at http://fsahandbook.info/FSA/html/handbook/COMP/4/2

Details of our Investment Service Charges are available on request from the Society's Head Office, branches and agencies.

Income Tax

Building Society interest should be declared on annual tax returns. If you are not liable to pay income tax you may be able to have your interest paid gross - please ask for form R85.

Interest will be paid after deduction of income tax at the appropriate rate or, subject to the required certification, gross. Where the tax deducted exceeds the investor's tax liability (if any) a claim may be made to the Inland Revenue for repayment of tax.

For individuals whose income falls within the lower or basic rate bands, the tax deducted will match their liability to tax on the interest and they will have no more tax to pay on it.

Individuals who are liable at the higher rate of income tax will have to pay additional tax on the interest to cover the difference between the tax deducted and the higher rate tax due.