PPI Tax reclaim

Arthurarthur52

Hmrc back tracked today as we both have to do SA.
So the ppi will be added to 20/21 tax year

To answer your question he was paid holiday pay (be it under paid) to which they deducted £300 in tax.
Going to file 18/19 this week so then just have to wait until 19/20.

Thanks for your help.

Arthurarthur52

I meant wait until 19/20. But surely the ppi is. Not actually income and should be disregarded but the tax taken as income. What do I know.

BoGoF

The reimbursement of the PPI premiums is not income. The compensatory 8% interest is.

Mumsie54

Same kind of question - I am a non tax payer, and am going to put in a claim for a refund of tax, but I haven't got the original paperwork from the company that dealt with the PPI claim for me. I had several successfull claims  totalling approx £17000. I paid tax on all refunds. If I understand rightly from the above I would only get , am I right in saying I would only get a max of £1000 back? Also is there any point in contacting the card companies to see how much they paid me back, or is that water under the bridge. The only details I now have is which company and when. No financial details. Thanks

Dazed_and_C0nfused

Mumsie54 said:

Same kind of question - I am a non tax payer, and am going to put in a claim for a refund of tax, but I haven't got the original paperwork from the company that dealt with the PPI claim for me. I had several successfull claims  totalling approx £17000. I paid tax on all refunds. If I understand rightly from the above I would only get , am I right in saying I would only get a max of £1000 back? Also is there any point in contacting the card companies to see how much they paid me back, or is that water under the bridge. The only details I now have is which company and when. No financial details. Thanks

Tax isn't deducted from PPI refunds, just the statutory interest/compensation paid alongside the PPI payout is taxed.

Without knowing your actual income details it's impossible to know but if the payments were made in different tax years you will need to complete one R40 for each tax year you are claiming for.

You may be able to get all the tax deducted back, maybe a few thousand depending on how much of the £17k was statutory interest/compensation.  Why do you think it would just be £1,000?

But if you don't get the details form the companies which made the payouts then you cannot claim anything back.