I'm trying to submit an R40 for PPI refund in FY 18/19
The sum recieved in statutory  interest was £1388,  so 20% will be payable on the 388 I believe but I'm really confused as to what information to put in the boxes on net interest paid by banks etc, is that to me or HRMC? 
Make £2023 in 2023 (#36) £858.66/£2023

Replies

  • SonOfSonOf Forumite
    2.6K Posts
    1,000 Posts Fourth Anniversary
    Forumite
    The total amount of interest you earn from all sources in the tax year should be in that box.  So, that would include not just the PPI redress interest element but also bank and building society accounts and non-ISA interest bearing investments.
  • annabanana82annabanana82 Forumite
    2.5K Posts
    Seventh Anniversary 1,000 Posts Name Dropper
    Forumite
    Thank you, I didn't earn any other interest that year. 
    I was quite smug as I thought I'd be getting more back than my Husband but as he was a non tax payer that year I think he might come up trumps.
    Make £2023 in 2023 (#36) £858.66/£2023
  • Dazed_and_C0nfusedDazed_and_C0nfused Forumite
    9.6K Posts
    1,000 Posts Third Anniversary Name Dropper
    Forumite
    As no tax is usually actually payable on interest in 2018:19 until you have at least £17,851 taxable income then it is quite possible you will get the same refund.

    But if you earning at £16,850 from your job then you will probably only get £195-£200 back.

    That assumes the £1,388 interest was how much you each got.
  • annabanana82annabanana82 Forumite
    2.5K Posts
    Seventh Anniversary 1,000 Posts Name Dropper
    Forumite
    My refund was larger than his, I think the interest was around £2300 meaning  £468 deducted for tax, so  I need to pay tax on around £1300 so I think I will get £200* back. 

    * Maths is not my strong point 
    Make £2023 in 2023 (#36) £858.66/£2023
  • edited 14 February 2020 at 7:24PM
    Dazed_and_C0nfusedDazed_and_C0nfused Forumite
    9.6K Posts
    1,000 Posts Third Anniversary Name Dropper
    Forumite
    edited 14 February 2020 at 7:24PM
    It does depend on your taxable salary but if that was more than £16,850 then chances are it would be about £200 yes.
  • annabanana82annabanana82 Forumite
    2.5K Posts
    Seventh Anniversary 1,000 Posts Name Dropper
    Forumite
    My taxable salary was above that, oh well it will be a bit extra for my holiday fund.
    Make £2023 in 2023 (#36) £858.66/£2023
This discussion has been closed.
Latest MSE News and Guides

Martin and MSE campaign win

April's 20% energy price guarantee hike postponed

MSE News

Childcare budget boost

More support for children from nine months and those on Universal Credit

MSE News

Energy Price Guarantee calculator

How much you'll likely pay from April

MSE Tools