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PPI payout Taxed
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mhell
Posts: 1 Newbie
Recently I have received conformation from my bank that they will reimburse me my PPI back.The PPI was for a 3 year loan, which is great, But I am being Taxed on it, can anyone tell me why I should be taxed on it:(
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Comments
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You are not being taxed on the refund or premiums. Just the interest being added.
UK law states that interest is taxable.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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Of course it will be taxed, they presume you are a tax payer.
If you aren't, just reclaim it....make the most of it, we are only here for the weekend.
and we will never, ever return.0
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