R40 Help 14 February 2020 at 4:40PM in Reclaim PPI & other insurance 6 replies 42 views

annabanana82

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? 

SonOf

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.

annabanana82

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.

Dazed_and_C0nfused

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.

annabanana82

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 

Dazed_and_C0nfused

It does depend on your taxable salary but if that was more than £16,850 then chances are it would be about £200 yes.

annabanana82

My taxable salary was above that, oh well it will be a bit extra for my holiday fund.