PPI Tax - R40 form

LK78

Hello all. I (today) just had the good news that I have been awarded some redress in a PPI case (Lloyds)

I have been advised I may be able to claim back the tax element which equates to £684

I am a little confused with the form though, in section 2.1 (if you know the form) it asks for Total pay from all employments before tax taken off and also tax taken off this figure. Is this based on this year to date from payslips? Or based on the year you had your PPI (which wouldn't make much sense as it ran for several years)

If someone could clarify I would be very grateful.

Or do I have to wait til the end of this tax year?

Many thanks

goatfaced

Hi,
I've done it based on what I've earned so far this year. I'm not saying that's definitely correct, but there was a question saying do you expect to earn any more, so I assumed it meant this year. 

Also, the PPI claim could cover lots of tax years. I have no clue which years mine covers, neither do the bank as they have no records of it either, they estimated mine based on average claims. 
I've sent it now. 

yorkiechick

It will be your income details for the tax year you received the PPI/interest payment

[Deleted User]

goatfaced said:

Also, the PPI claim could cover lots of tax years. I have no clue which years mine covers

The tax you paid was on income you received this year, you are not claiming for years  when you simply held a PPI policy. 

bigspectre

LK78 said:

Hello all. I (today) just had the good news that I have been awarded some redress in a PPI case (Lloyds)

I have been advised I may be able to claim back the tax element which equates to £684

I am a little confused with the form though, in section 2.1 (if you know the form) it asks for Total pay from all employments before tax taken off and also tax taken off this figure. Is this based on this year to date from payslips? Or based on the year you had your PPI (which wouldn't make much sense as it ran for several years)

If someone could clarify I would be very grateful.

Or do I have to wait til the end of this tax year?

Many thanks

hi  same boat as u u will have to wait till u have a total of income pay plus any pensions up to the end of last years tax year ending in April 2020. Tax man usually sends a form out with all this total on it so but if you have pay slips or a pension you should
be aware of the totals. If ure PPI  award was given after 5 April 2020 u will have to wait until the end of the current tax year in 2021 to make a claim. I made the mistake last year and have had to wait until tax year ended in April 2020 as the tax man returned my forms and told me.