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Reclaimed Barclaycard PPI, but they have charged me incom tax.
harveybobbles
Posts: 8,973 Forumite
Reclaimed an amouint, plus 8% interest, but they have reduced it due to income tax.
Cheeky !!!!!!!
Cheeky !!!!!!!
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Comments
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Well done on your win.
You pay tax on the 8%, if you are a non taxpayer then contact HMRC for a refund.0 -
Reclaimed Barclaycard PPI, but they have charged me incom tax.
Actually, it is HMRC that levy the income tax. Barclaycard are just collecting it.
interest in the UK is taxable. The banks will collect it at basic rate. If you are a non taxpayer you can claim it back via HMRC. If you are a higher rate taxpayer than there is a further amount to pay.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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