Martin Lewis: Had a PPI payout? If so, you can reclaim the tax on it

ajo

I am getting confused with filling the online form out.

This is what I have

Net interest paid by banks, building societies etc, purchased life annuities and PPI payments: I have put what is down as Net Interest Paid, on the PPI letter

Tax taken off the gross interest paid by banks, building societies and purchased life annuities: Here I have put the the amount on the PPI letter that says - Less Basic rate tax deduction on compensatory interest included in gross payment due

Gross interest paid by banks, building societies and purchased life annuities: I have put my interest from my bank accounts.

Is this correct?
Thanks

Dazed_and_C0nfused

No.
Why haven't you included the bank interest in the untaxed interest section?
Why haven't you included the gross amount of compensatory interest in the gross (untaxed) interest section?

ajo

Dazed_and_C0nfused said:

No.
Why haven't you included the bank interest in the untaxed interest section?
Why haven't you included the gross amount of compensatory interest in the gross (untaxed) interest section?

ok I missed the untaxed section on the online form.  Nothing has been sent yet. Would I be able to DM you with my information rather than putting it on a public forum and you can help me out please? Just want to make sure everything is correct. All new to me.

Dazed_and_C0nfused

ajo said:

Dazed_and_C0nfused said:

No.
Why haven't you included the bank interest in the untaxed interest section?
Why haven't you included the gross amount of compensatory interest in the gross (untaxed) interest section?

ok I missed the untaxed section on the online form.  Nothing has been sent yet. Would I be able to DM you with my information rather than putting it on a public forum and you can help me out please? Just want to make sure everything is correct. All new to me.

Sure.

Sarah_S

Hi Martin, it took about 15 mins to fill in the form online, just got notified today that'll get £112, thanks for this. I'm sort of wondering why HMRC don't automatically refund people. They have the data, they know how much tax individuals have paid in the relevant Tax year, how many other people are missing out. It seems immoral, I got a refund for overpayment of tax I'd paid that year through PAYE, surely they have the information that I was also due a refund from the PPI payment. Thank you for your advice, again, Sarah

kaitlyn77

Hi Martin, I am hoping you may be able to help me, I processed my claim for Miss-sold PPI online with Barclaycard on the deadline day in August 2019, they accepted my claim and opened my case. however today I have received a letter from them , they have rejected my complaint, claiming I had missed the deadline which they had set in a letter to my previous address back in December 2012. which I did not receive as I had sold that property and moved around 3 or 4 years previously . Therefore they are claiming I am only entitled to Refund of PPI commission which is a massive £13.43 🙈 
I would appreciate any advice on this matter 

I can forward you letter I have received if needed. I wasn’t expecting alot but £13.43 is slightly less than I hoped. 

Thanks 😊 

Timjacko09

We are quite confused. We had put in the R40 claim for the PPI my mother in law.  We have been asked to complete a self assessment form also. Struggling as never put in a self assessment and not sure where to even start? Is this normal? 

Dazed_and_C0nfused

What was declared on the R40? 

Are you certain you completed it correctly?

You do know that PPI refunds aren't taxable and don't have tax deducted.  It is just the statutory interest paid alongside the PPI refund that is taxable and has tax deducted.

billybong40

Good morning
I have recently received two PPI refunds. If I want to reclaim the tax deducted, do I need to wait until the next tax year to claim against this years tax year?
kind regards

Dazed_and_C0nfused

billybong40 said:

Good morning
I have recently received two PPI refunds. If I want to reclaim the tax deducted, do I need to wait until the next tax year to claim against this years tax year?
kind regards

Normally yes. 

And most people cannot "reclaim the tax deducted".  

You would typically get a maximum of £200 back (assuming £200 or more tax was deducted).  Low earners may be able to get more back (assuming more than £200 tax was deducted).