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My bank have deducted 20% tax from my ppi award is this normal pratice
danseven1
Posts: 5 Forumite
Could anyone help me please. My bank have deducted 20% tax from my ppi payment award is this normal pratice. Many thanks in advance for any help.
Dan
Dan
0
Comments
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The interest element of the redress payment should have tax deducted. They will deduct 20%. If you are a higher rate taxpayer then you need to declare it and pay a further 20%.
The capital element of the redress payment should have no interest charged on it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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