PPI Tax Refund R40 Form

I received a PPI payment back in Jan 2017 and paid tax on it. I've not worked since December 2018. I have my P60 from then but this obviously it doesn't cover the current tax year. I'm really confused on how to fill out the R40 form due to this. Can anyone help please?

Comments

  • What has the current (2020:21) tax year got to do with completing an R40 for the 2016:17 tax year?
  • dunstonh
    dunstonh Posts: 116,231 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    I'm really confused

    We are too

    I received a PPI payment back in Jan 2017
    That places it in the 2016/17 tax year.  
    I've not worked since December 2018.
    So, you stopped earning in the 2018/19 tax year.

    I have my P60 from then but this obviously it doesn't cover the current tax year.
    Where does the current tax year come into play?


    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • I received a PPI refund in September 2020, but over £600 was taken off me in tax. I am self employed but also had a part time PAYE job that I have recently been made redundant due to Covid. I would like my tax back of course but they have said that I can't get it back until my 2020-21 self assessment tax return is filled in. The is not until after 5th April 2021. Is this correct as I am not liable to pay any tax this year so how can they hold onto it for another 8 months? 
  • Yes.  It is just another source of taxable income (the statutory interest not the actual PPI refund) which you have to include on your tax return.
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