Tax Back on PPI claims 6 October 2020 at 5:50PM in Reclaim PPI & other insurance 1 reply 44 views

Charlie680

Hello
I have successfully claimed back a few PPIs in the last couple of years.  Please can someone clarify can you only claim back upto £1000 in one year (April to April) I assume? Also this is one of my examples. Total Interest refunded £539.06. Compensation interest at 8% £309.09.  20% tax deduction on compensation interest £61.81. Total refund £786.34.
Is it £61.81 I am claiming back?
thanks

Dazed_and_C0nfused

No, it is £61.81 which is taken into account in calculating your tax liability for the year.  That may mean £61.81 is repayable to you but without knowing your other taxable income in the same tax year, including other taxable interest, it's impossible to say for certain.

Why do you think you can claim back £1,000?

Most people will get a maximum of £200 back (assuming £200 tax was deducted).

Some will owe additional tax.

Some, with low incomes, will get more than £200 back (assuming more than £200 tax was deducted).