Reclaiming tax on PPI refund

xeroxwizard

Dazed_and_confused wrote: »

Should I try to claim back the £60 tax as income for this year or not?

I doubt anyone on here is going to encourage fraud.

But basic rate taxpayers can receive a maximum of £5,999 in taxable interest and be charged a 0% tax rate on it. Even if you were paying higher rate tax you can get £500 taxed at 0%.

Tax of £60 indicates gross interest of £300 so highly likely no tax is due to be paid on it. This assumes you don't have any other interest and didn't have income of £150k+ last year.

Thanks very much for your advice. Unfortunately I have not phrased my question correctly. Please accept my apologies. I have edited my original post. My main point is this: When does the payment become counted as income, the award date (tax year 2017-2018) OR the date that I eventually receive the money (tax year 2018-2019)? Again, I thank you for any help.