Tax on ppi interest

markyb12

Got a letter from nationwide saying I was getting £6100 for ppi claim
Plus interest was also to be added
Got letter today saying total was £13.839
Interest at credit card rate £7280 plus 8% on credit balance £379
Letter states tax not been paid and need to contact tax office and also said that they will be informing the tax man
What do I need to do
Also last week I received 3 cheques from bank of Scotland for a total of £27.200
No letter or breakdowns with them just the cheques
Will tax have been paid on this seeing as I got no breakdown

DevCoder

You need to pay tax on all of the income (ie the 8% simple interest) element.

markyb12

So on the nationwide claim it's only on the 8% £379 and not on the interest at credit card rate of £7280
Will they contact me
What about the other claim didn't get a breakdown

amersall

The tax is only on the 8% amount, contact HMRC and pay this, they may let you add it to your tax and they take it every payday.

Ask for a breakdown of the other calculation and do the same.