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

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/80028987#Comment_80028987

If you have failed to include some taxable income on a Self Assessment return and the deadline to amend it has passed then you need to follow the instructions at "Write to HMRC" here.

Don't forget you will likely still have to pay the third party companies fee.

https://www.gov.uk/self-assessment-tax-returns/corrections

sonj_2

I Had a PPI payout in 2019/20 filled in an R40 at the time but it was returned to me needing more info. I didnt persue this at the time but have recently in  April 2023 filled in another R40 online and posted all the supporting documents.  The online form has been confirmed but I cant check when Ill get a response?  How long should this take and which number can I call to chase the progress?  I wasn't working at the time of the payout so wondered if I should get all the tax paid which was over £3000 back?

Thanks Sonja

Dazed_and_C0nfused

sonj_2 said:

I Had a PPI payout in 2019/20 filled in an R40 at the time but it was returned to me needing more info. I didnt persue this at the time but have recently in  April 2023 filled in another R40 online and posted all the supporting documents.  The online form has been confirmed but I cant check when Ill get a response?  How long should this take and which number can I call to chase the progress?  I wasn't working at the time of the payout so wondered if I should get all the tax paid which was over £3000 back?

Thanks Sonja

@sonj_2

 It depends on what your taxable income is in that tax year.

What is the total of the taxable income have you declared on the R40?

PennyScrimperToPoundSaver

I reclaimed several PPI refunds myself thanks to the guidance of Martin. However it was now several years ago and I can't remember when, who or how much I received unfortunately! Is there a way to find out myself as I have lost all the old paperwork sadly and no longer use the banks or cards I had back then being debt free. I've had a company advertising they can help for a % fee but again I can't provide any information and not willing to pay a cut to them either (I don't entirely beleive in no win no fee in these instances to be honest). Thanks.

Dazed_and_C0nfused

PennyScrimperToPoundSaver said:

I reclaimed several PPI refunds myself thanks to the guidance of Martin. However it was now several years ago and I can't remember when, who or how much I received unfortunately! Is there a way to find out myself as I have lost all the old paperwork sadly and no longer use the banks or cards I had back then being debt free. I've had a company advertising they can help for a % fee but again I can't provide any information and not willing to pay a cut to them either (I don't entirely beleive in no win no fee in these instances to be honest). Thanks.

Unless you can find details of the taxable interest and tax deducted there's not really much you can do.

And if the interest was paid before 6 April 2019 you are too late anyway.

lemonjapp

I received ppi refunds from Barclays and Santander. At the time I claimed myself but had filled in a Fast Track Reclaim form to find out the amount, not realising I had committed myself to pay them. I was so sure I had done it myself I went to the ombudsman (who initially decided in my favour) and then nearly to court but finally realised that super tiny small print had been missed by me (and the ombudsman). I was forced to pay them. 

Now I want to claim tax back, paid on the ppi claim. I was a non tax payer at the time, in May and August 2019. I have spent hours on the phone to barclays who didn't have a clue what I was talking about and sent me round the houses. Finally they told me that as I went through Fast Track they (Barclays) have no record of tax paid, even though they paid it (?) and I have to ask Fast Track for the certificate. 

I am pretty sure Fast Track will insist that means I owe them again. 

Is there really no way I can get this information from Barclays? I don't remember receiving a certificate showing tax paid at the time, and Barclays say they don't know and they don't seem to have a team dealing with these claims. Surely I should not be forced to use a company to do it just because I (unwillingly) used them the first time?

Dazed_and_C0nfused

lemonjapp said:

I received ppi refunds from Barclays and Santander. At the time I claimed myself but had filled in a Fast Track Reclaim form to find out the amount, not realising I had committed myself to pay them. I was so sure I had done it myself I went to the ombudsman (who initially decided in my favour) and then nearly to court but finally realised that super tiny small print had been missed by me (and the ombudsman). I was forced to pay them. 

Now I want to claim tax back, paid on the ppi claim. I was a non tax payer at the time, in May and August 2019. I have spent hours on the phone to barclays who didn't have a clue what I was talking about and sent me round the houses. Finally they told me that as I went through Fast Track they (Barclays) have no record of tax paid, even though they paid it (?) and I have to ask Fast Track for the certificate. 

I am pretty sure Fast Track will insist that means I owe them again. 

Is there really no way I can get this information from Barclays? I don't remember receiving a certificate showing tax paid at the time, and Barclays say they don't know and they don't seem to have a team dealing with these claims. Surely I should not be forced to use a company to do it just because I (unwillingly) used them the first time?

@lemonjapp

You don't have to use a third party company, that would be entirely your choice.

But if you wish to make a claim for a tax refund you will need to have details of the interest paid alongside the PPI refund.  If Barclays paid the interest then they should have details somewhere.

Without that information how can you complete the R40 form used to make a refund claim?

If you haven't signed an authority relating to income tax refunds then why would the third party be entitled to any of the tax refund?

Also, your tax position on the day/week/month you got the interest is of no relevance whatsoever.  It is the tax year as whole that matters.

Flukeuk

Hi All
I received PPI compensation in November 2017.
Are there no circumstances where I can still make a claim to get the tax back?
Feels criminal that I've probably missed out as was unaware until now.
Thanks.

Dazed_and_C0nfused

Flukeuk said:

Hi All
I received PPI compensation in November 2017.
Are there no circumstances where I can still make a claim to get the tax back?
Feels criminal that I've probably missed out as was unaware until now.
Thanks.

Nope, you had about 4 and half years to make any claim and that time expired on 5 April 2022.