Tax reclaim following successful PPI and bank charges claims

I'm doing my tax form at the moment to reclaim tax on PPI - I did this last year for PPI interest but then had another small amount come through in summer, so I have one more form to complete.  Last year I also had a successful claim for a refund of packaged bank account charges.  Do I also reclaim tax on this, or only for the PPI?  The PPI is a relatively small amount (less than £200) but the bank charge refund was in the £0,000s.  Asking as I couldn't find this info anywhere on the site - I'm assuming the answer is likely to be no but wanted to check - thanks for any assistance!

Replies

  • zx81zx81 Forumite
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    Part of the Furniture 10,000 Posts Photogenic Name Dropper
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    If tax was deducted and you believe that you are under the threshold, you can apply to have that refunded.
  • [Deleted User][Deleted User] Forumite
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    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
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    cisco664uk said:  Last year I also had a successful claim for a refund of packaged bank account charges.  Do I also reclaim tax on this
    You need to examine the paperwork from the Bank and determine whether tax was deducted prior to you receiving the refund. Do remember that it is only the interest element that is taxed so be careful to itemise this separately on the R40 form from HMRC. Some people have mistakenly declared their whole refund and ended up with a bill for more tax!

  • cisco664ukcisco664uk Forumite
    2 Posts
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    MoneySaving Newbie
    Thank you - that helps :-)
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