Tax Reclaim On PPI

Hi Martin
I have seen the information on your sure about PPI tax reclaim, back in 2017/2018 tax year, we had approx £17K reclaim on PPI. I have written to the lenders to get a copy of the calculations for the reclaim, is this all I will need to complete the HRMC form? Roughly how much refund would we be due? We are both basic rate taxpayers 
Many thanks 
Caroline Edwards 


  • edited 24 May 2020 at 3:54PM
    [Deleted User][Deleted User] Forumite
    0 Posts
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    MoneySaving Newbie
    edited 24 May 2020 at 3:54PM
    You need to complete Form R40 from HMRC which is a simple tax return requiring you to enter the details of the tax you paid on the interest element of your PPI refund (not the total  PPI refund amount) as well as any other tax you paid elsewhere during the tax year in question. 
    How much you are "due" (if anything) will depend on your individual tax position and any other interest you earned elsewhere. 

    "Martin" will never read  or respond to your  post since he sold this site some years back and takes no active part in it's running.  
  • Dazed_and_C0nfusedDazed_and_C0nfused Forumite
    4.1K Posts
    1,000 Posts First Anniversary Name Dropper
    Roughly how much refund would we be due? 

    If the payment was in joint names then it's highly likely to be between £0 and £200.  The exact amount is likely to spend on what other interest you received in that tax year.

    It could be more but as basic rate payers chances are it won't be.

    If the interest takes you into the higher rate bracket you may owe additional tax to HMRC rather than getting a refund.

Sign In or Register to comment.
Latest MSE News and Guides

Card providers to reserve up to £100

When you pay at supermarket fuel pumps

MSE News

Cheap contents insurance for tenants

DON'T assume your landlord covers you

MSE Guides

Summer sizzlers round-up

Incl £2ish sun cream & £1.50 disposable BBQs

MSE Deals