We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Claiming tax refund on PPI payment
Linnn56
Posts: 2 Newbie
Completing tax form R40 to claim tax refund on PPI claim. Am trying to calculate the statutory interest. Would I be correct in thinking that the amount of tax paid will be 20% of the statutory interest?
0
Comments
-
Yes it should be.
An R40 is like a simple version of a Self Assessment return so don't forget that you only declare taxable income (and any tax deducted).
Plenty of posters on here have come unstick by declaring the PPI refund itself.0 -
That’s what I’m concerned about. I wouldn’t put the whole award amount but I’m not sure how to work out the difference between interest and statutory interest as that’s the only part that’s taxable. I do know how much tax has been deducted and assume that it’s 20% of the statutory interest but I’m not sure.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.8K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards