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SETTLEMENT: 8% interest and HMRC
Doodles1980
Posts: 10 Forumite
Got my settlement letter today. They are deducting over 2k for a previous rebate paid (even though I didn't even know I had the insurance - how can that be right?!)
They have said I need to contact HMRC in respects to the 8% interest payment. What has been people experiences of this? Do HMRC take much from that? What is the best way to alert them?
Thanks in advance
They have said I need to contact HMRC in respects to the 8% interest payment. What has been people experiences of this? Do HMRC take much from that? What is the best way to alert them?
Thanks in advance
0
Comments
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If you had 2 loans with PPI and you repaid one with the next, they would have given you a rebate of the PPI, the remaining PPI would have been repaid by you in settlement.
If you are a taxpayer the tax has to be paid on the 8% amount, if you pay 20% or 40% tax then that will be what you pay on the 8% amount.
If you are a non taxpayer, I believe the tax is not payable, contact HMRC and ask.0
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