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PPI Payouts
Saver8_2
Posts: 2 Newbie
Hi Everyone
The bank has sent me a cheque to refund my payment protection insurance and has said that I may have to pay tax on this amount. Is that correct? Also where could I look to check that what they have refunded me is fair, right and the full amount? I would be grateful for any advice on these matters. Thank you.
The bank has sent me a cheque to refund my payment protection insurance and has said that I may have to pay tax on this amount. Is that correct? Also where could I look to check that what they have refunded me is fair, right and the full amount? I would be grateful for any advice on these matters. Thank you.
0
Comments
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You might have to pay tax on the interest if you pay tax anyway.
To check, you either ask them or check your own paperwork.Non me fac calcitrare tuum culi0 -
Normally the bank will tell you if they've already taken tax on the money, or will advise you how much this is.
Your best bet is to speak to HMRC to get advice on this (Tax Helpine is 0300 200 3300). If you are working you may be able to get this collected in your tax code, or alternatively they'll be able to tell you how to pay it straight to them.Competition wins:
2010 - approx £450. 2011 - approx £800. 2012 - approx £300. 2013 - nothing so far!0
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