ppi claim

haydnlea

hi all, i have just claimed back £15,401 pounds for my father and also £13,233 pounds for my mother for mi-sold PPI insurance. MY mother and father retired 3 years ago, these loans date back to 2001 they were refinanced so the bank have paid all the money back from that date to when they finished paying them off in january this year. my two questions are, do they have to pay the 8% tax even though they are now retired? also as they were refinanced there is an extra excess balance and interest payment on both returns, do they have to pay tax on this part also. many thanks for anybody who can advise me so i am fully informed when i go to the tax office with them.

haydnlea

as above i meant to say do they have to pay tax on the 8% interest they received even though they are retired.

amersall

It is only the 8% amounts that are taxable, I would assume if they do not pay tax then they should be ok, ring the tax office and ask as they can tell you exactly.

You may get more help if you post the question here

http://forums.moneysavingexpert.com/forumdisplay.php?f=22
Title your post "tax on 8% PPI redress".