Sucessful HSBC PPI Claim

benshort

Hi,

On the 20th of Feb, after I found the original credit agreement document, I started the process of making a PPI complaint on a loan I took out in 1999.

I got home today to find a letter saying that they are upholding my complaint and will refund me £1904.77.

They came to that figure using the following figures.

PPI Premium Redress £1021.25
Taxable interest at 8% £1104.40
Less basic rate tax £220.88

Obviously I'm going to snap their arm off. Especially as I thought it was too much of a long shot.

In the letter it says: "If you are a higher rate taxpayer you many have to pay additional tax"

I assume that this is on the interest? How do I pay this? Do I need to put it in my self assessment at the end of this year?

dunstonh

I assume that this is on the interest? How do I pay this? Do I need to put it in my self assessment at the end of this year?

You either do it on your self assessment if you get it (in the bank/building society interest section) or you let HMRC know if you dont. They do get told so dont miss it otherwise you could get a penalty applied.

it only applies to interest.

benshort

dunstonh wrote: »

You either do it on your self assessment if you get it (in the bank/building society interest section) or you let HMRC know if you dont. They do get told so dont miss it otherwise you could get a penalty applied.

it only applies to interest.

Thank you for the info dunstonh