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strawb_shortcake
Posts: 3,413 Forumite

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?
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) £3479.30/£2023
Make £2024 in 2024...
Make £2024 in 2024...
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Comments
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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.1
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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) £3479.30/£2023
Make £2024 in 2024...0 -
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.1 -
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 pointMake £2023 in 2023 (#36) £3479.30/£2023
Make £2024 in 2024...0 -
It does depend on your taxable salary but if that was more than £16,850 then chances are it would be about £200 yes.1
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My taxable salary was above that, oh well it will be a bit extra for my holiday fund.Make £2023 in 2023 (#36) £3479.30/£2023
Make £2024 in 2024...0
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