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Reclaiming tax paid on PPI (confused)

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goldenicon
goldenicon Posts: 42 Forumite
Part of the Furniture 10 Posts Combo Breaker Name Dropper
in Reclaim PPI & other insurance
Hi,

I got a PPI payout from RBS in February 2018 and another in March 2019.

I tried to claim back the tax online but it doesn't explain how to claim for PPI tax. Do I need to make 2 separate claims?

Has anyone claimed online or is it better to claim by post?

Thank you.

Comments

  • Nasqueron
    Nasqueron Posts: 10,688 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Send form R40 in to reclaim the tax paid on the interest element

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • goldenicon
    goldenicon Posts: 42 Forumite
    Part of the Furniture 10 Posts Combo Breaker Name Dropper
    Nasqueron wrote: »
    Send form R40 in to reclaim the tax paid on the interest element

    Yes, it seems that the online application is overly complicated. Martin's tips for filling out the form only apply to the postal form.

    Looks like I'll need to fill out two forms to claim back the tax.

    Thanks.
  • Dazed_and_confused
    Dazed_and_confused Posts: 6,458 Forumite
    Uniform Washer
    As the PPI interest was paid in two different tax years then yes you will need to complete two R40's, one for 2017:18 and a second for 2018:19.

    An R40 is basically a simple tax return, you have to declare all taxable income which was received for the year in question i.e. taxable wages, company benefits, pension income, savings interest etc as well as the taxed PPI interest.
  • goldenicon
    goldenicon Posts: 42 Forumite
    Part of the Furniture 10 Posts Combo Breaker Name Dropper
    Dazed_and_confused wrote: »
    As the PPI interest was paid in two different tax years then yes you will need to complete two R40's, one for 2017:18 and a second for 2018:19.

    An R40 is basically a simple tax return, you have to declare all taxable income which was received for the year in question i.e. taxable wages, company benefits, pension income, savings interest etc as well as the taxed PPI interest.

    Do I have to wait until the end of the 2019 tax year to claim the second one, as they will ask for the yearly contributions paid?

    Thanks
  • Dazed_and_confused
    Dazed_and_confused Posts: 6,458 Forumite
    Uniform Washer
    Do I have to wait until the end of the 2019 tax year to claim the second one,

    Normally yes.

    But as it finished 10 days ago it shouldn't be much of a problem :p
    I got a PPI payout from RBS in February 2018 and another in March 2019
  • goldenicon
    goldenicon Posts: 42 Forumite
    Part of the Furniture 10 Posts Combo Breaker Name Dropper
    Dazed_and_confused wrote: »
    Normally yes.

    But as it finished 10 days ago it shouldn't be much of a problem :p

    Ok, thanks.
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