PPI Interest - higher rate tax payer

sewseh

PPI payment received in tax year 18-19. When is the deadline for paying the tax owing on the interest? On the tax return that is due by 31st Jan 2020 or later?

BoGoF

31/01/2020

Dazed_and_confused

There might not be any additional tax due.

Depending on how much taxable interest you receive from other sources you could have upto £1000 taxed interest and not have additional tax to pay.

£500 taxed at 0% = £0
£500 taxed at 40% = £200

Total tax due £200
Tax deducted from the PPI statutory interest £200
Tax to pay £0

And yes, you do include it in your 2018:19 Self Assessment return so normally payable on 31 January 2020.