Tax reclaim

DiClark

I have become aware you can claim tax back which was deducted from a PPI refund, does this apply to refund claimed on packaged bank account as well ?

Nearlyold

You don't pay tax on a PPI or Packaged Bank Account refund. Tax is only payable on the Interest element of the Compo you receive
Depending on your tax situation you may be eligible for a tax refund, for a basic rate taxpayer your maximum refund would be £200.

Dazed_and_C0nfused

Tax isn't deducted from PPI refunds.

It is deducted from the statutory interest paid alongside PPI refunds.

If it is the same taxable interest you have received then it would be taxable in the same way as tax in the statutory interest paid with PPI refunds.

What tax year was the tax deducted in?

Dazed_and_C0nfused

for a basic rate taxpayer your maximum refund would be £200.

Would probably be a maximum of £200.  Could be more.

DiClark

Hi
My claim was paid in September 2018, will look for the paperwork to see how much I paid. I am a basic tax payer.

Judith2020

Hi there my husband and I received a PPI refund last year as our loan was in joint names the refund was paid into our joint bank account my question is do we have to submit separate r40 claim forms for 50% each of the tax deducted or do we claim 100% each? Thanks in advance 

Dazed_and_C0nfused

You declare 50% each.  Along with your other taxable income received in the same tax year.

Why do you think you might declare 100% each?