PPI Tax Deadline

mikey888

I have recently received approx. £6.5k refund on my ppi claim which I made in July of last year ( 2019 ) . The tax  on this refund is about £670 , which I believe I may be entitled to reclaim from HMRC.

Having just read the recent blog from Martin Lewis , he states that deadline for reclaiming ppi tax is this coming Sunday ( 5th August) . But I am a bit confused if this applies just to ppi mis-selling claims made prior to 2016 or to ALL ppi claims, regardless of date ? Does this deadline apply to my claim as well ? I still have another ppi claim ( made in August 2019) which is awaiting a final decision. 

Any help would be much appreciated and appologies if I'm being a complete financial numpty  this matter .

brettcta

Eh? A recent blog that states the deadline is this Sunday (5 August)?

you can’t claim tax back on a PPI claim. You can, however, claim tax back from a PPI complaint.

Dazed_and_C0nfused

The forthcoming deadline of 5 April 2020 relates to the 2015:16 tax year.

If the tax was deducted in the 2019:20 tax year you have plenty of time yet.

But why do you think you can claim £670 back?  Most people are able to claim less than £200.  What other taxable income do you have apart from the £2,680 statutory interest/compensation that you have had?

mikey888

Thanks for your swift response D&C . Frankly , I have no idea what ppi tax I can reclaim . I have no other taxable income .

The extra time to reclaim ppi tax is a Godsend as at the moment I am struggling to keep elderly parents inside the house , and out of harms way .

Dazed_and_C0nfused

If you have no other taxable income in the tax year the statutory interest/compensation was received then you will be entitled to all of the tax back.

You need to complete form R40.

mikey888

Thanks once again D&C .

ph55

I think you have within 4 years to claim tax back