PPI Tax Reclaim

Cookiepops

Hi, after MSE recently published an article that you would have paid tax on any PPI received, I took a look and found I had paid over the £1k personal allowance and I think, by my calculation that Im owed around £200. So I followed the instruction and put in a claim to the tax office. I got an email saying I would receive a responses within 15 working days. That was back in May and I've not heard a thing. Has anybody else heard anything back on their claims? Thanks!

Dazed_and_confused

There is no "allowance" for interest.

Depending on what other types and amounts of taxable income you have it is possible to have taxable income of £18,500 in the current tax year before any tax is actually payable.

That is the Personal Allowance of £12,500
Plus
Savings starter rate of tax where upto £5,000 of interest is taxed at 0%
Plus
Savings nil rate of tax where upto £1,000 of interest is taxed at 0%

What tax year was your claim for?

If you complete an R40 what did you enter in each section? i.e. how much interest (including normal savings interest) did you receive, how much tax was deducted from the PPI interest and how much did you (or do you expect to) earn in the tax year concerned (P60 pay figure). Plus anything else relevant.

Cookiepops

Dazed_and_confused wrote: »

There is no "allowance" for interest.

Depending on what other types and amounts of taxable income you have it is possible to have taxable income of £18,500 in the current tax year before any tax is actually payable.

That is the Personal Allowance of £12,500
Plus
Savings starter rate of tax where upto £5,000 of interest is taxed at 0%
Plus
Savings nil rate of tax where upto £1,000 of interest is taxed at 0%

What tax year was your claim for?

If you complete an R40 what did you enter in each section? i.e. how much interest (including normal savings interest) did you receive, how much tax was deducted from the PPI interest and how much did you (or do you expect to) earn in the tax year concerned (P60 pay figure). Plus anything else relevant.

sorry if it was unclear. because my claim went in online, I now don't have the datils of it! Basically I'm a basic 20% rate taxpayers and can earn £1,000 in interest a year tax-free. Due to a PPI payout, where the statutory interest was taxed at £799 and tax paid on interest from some saving account totalled almost £1300 for the tax year 2018-2019. So I detailed all this in the claim and got an email back saying I would hear within 15 working days, which back in May.

I have no idea if I'll get it, just would like to hear one way or the other.

[Deleted User]

Cookiepops wrote: »

sorry if it was unclear. because my claim went in online, I now don't have the datils of it! Basically I'm a basic 20% rate taxpayers and can earn £1,000 in interest a year tax-free.

You are confusing Savings nil rate of tax where upto £1,000 of interest is taxed at 0%.

Read again the earlier response, it details exactly where you are making incorrect assumptions.

HMRC will have a record of your "reclaim". Call them and they'll explain...