PPI Tax Refund R40 Form

Thaipie

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?

Dazed_and_C0nfused

What has the current (2020:21) tax year got to do with completing an R40 for the 2016:17 tax year?

dunstonh

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?

Hippoears19

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? 

Dazed_and_C0nfused

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.