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Interest refund and tax
sheza
Posts: 20 Forumite
in Credit cards
I have recently won a case against NewDay for irresponsible lending. They repaid all my interest plus the statutory 8%. Of this 8% I paid tax at the basic rate. I've recently heard that on PPI refund cases you can reclaim this tax. Can I reclaim this tax on my payment even though it is not PPI related?
0
Comments
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Yes, if you're eligible. It's classed as income.
Depending on your earnings, you may need to pay some further tax on it.0
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