PPI tax refund

shazz57

hi, in January I received ppi refund from Barclays. It was made up from 5 different loans. I have 5 letters detailing each payment including 20% tax off each one. When claiming this back, do I fill an R40 form for each refund or just one total amount?

BoGoF

One form with the total of interest and tsx paid.

Dazed_and_confused

An R40 is essentially a tax return, where you give details of your total taxable income for a specific tax year.

So if all the interest (you don't pay tax on the PPI refund itself) was received in the same tax year then it is just one R40 you need to complete. And include details of all other taxable income, including any normal savings interest.

shazz57

Ok, please excuse me if I sound a bit dim. I am now attempting to fill the form in. I have got to the UK interest and ticked yes. So do I now need to put in the total statutory compensation interest in minus tax then the total amount of tax paid and then the interest before tax?

Dazed_and_confused

Looking at the paper form on gov.uk there are three boxes,

3.1 is the net interest after tax
3.2 is the tax deducted
3.3 is the gross amount before tax was deducted

So they might look something like
3.1 £400
3.2 £100
3.3 £500

Normal savings interest, which is usually paid without any tax being deducted now, goes in 3.4