Reclaim CPP article discussion

vice_admiral

Martin Lewis...You are a genius! Come up to North Yorkshire and have a pint of Old Peculier!! I have just had £396.00 paid in a cheque 5 weeks after mailing off using your pro forma answers.
One point I need to ask, please???
This money is basically refunded premiums paid to an insurance operation who were--to put it gently--at fault...sort of...?
So why have they retained 20% of the money for Income Tax, as I contend the money is NOT INCOME, but refunded premiums paid " erroneously"...for want of a better word.??
What did the Gummint do to validate getting tax on my money, other than taking their eye off the ball and leaving the Regulator asleep at the wheel, again??
Do Tell...please??
I reckon my full untaxed refund should have been approx. £497.50...approx..??

[Deleted User]

vice_admiral wrote: »

why have they retained 20% of the money for Income Tax, as I contend the money is NOT INCOME, but refunded premiums paid " erroneously"...for want of a better word.??

You'll have to take any such "complaint" to HMRC. I doubt you'll get very far though unless you aren't a taxpayer.

Incidentally, Martin Lewis sold this website some time back and he didn't write the CPP Reclaim advice article.

Salster278

Hi, they've taken 20% off the interest paid, not off the premiums refunded. If you look at the statement on the back of the letter, the amount is broken down into premiums paid, interest added and tax deducted. HTH

[Deleted User]

sazz1006 wrote: »

Hi, they've taken 20% off the interest paid, not off the premiums refunded.

Indeed, this is classed as income by HMRC and so is taxable. Non-tax payers can apply for a refund.

Salster278

Moneyineptitude wrote: »

Indeed, this is classed as income by HMRC and so is taxable. Non-tax payers can apply for a refund.

Reading the OP's post it reads that he thinks the tax has been taken off the actual premiums refunded, not the interest applied to the refund, was just clarifying :-)

LittleMac13

I completely forgot about CCP after I cancelled it last year, however a few weeks ago yet another payment of £36.99 came out of my account. I rang Natwest who apologised and advised it would be refunded, along with last years payment. I was given my policy number and advised about the refunds, and that my policy only started in 2013. When I rang CCP, they told me it was 2010 it started so Natwest blatantly lied to me! They also advised me I'm paying for two policies - one on my credit card and another coming out of a joint account!


I requested a claims form and apparently I had been sent one out to my old address. I remember accepting the policy because they were pushy and damn right irritating. I'm posting here as I'm not sure which reason to put on the form.


I'd really appreciate any advice, thanks.

[Deleted User]

sazz1006 wrote: »

Reading the OP's post it reads that he thinks the tax has been taken off the actual premiums refunded, not the interest applied to the refund, was just clarifying :-)

Yes, as was I.

The_Pastmaster

Hi, I have the claim form filled out and ready to send but have lost the prepaid envelope. Can someone advise the correct address to where I send the form. Thanks

liamvad

steveouk wrote: »

We sent the CPP claim letter off about 2 or 3 weeks ago and not heard anything yet. How long has it taken for people to get a reply?

How long does it usually take to hear back,once you have sent the form off???As the end of August is looming.Cheers.

[Deleted User]

liamvad wrote: »

How long does it usually take to hear back,once you have sent the form off???As the end of August is looming.Cheers.

It takes as long as it takes I'm afraid.

The end of August will doubtless herald a flood of posts from people who have left it too late to complain despite the months the refund scheme has been running.