PPi tax

jack_tyler

Hello

I recently received notification that my claims for PPI had been successful both for myself and my late husband. I have been told that I will receive a cheque throught the post by the 27th January. However, I am a little confused with something about the amounts, and I was hoping someone could help me with it.

One of them says "Total Redress Due £2735.16 and then under this it says "Your Share of Total Additional Redress Due £1675.39 and the other says "Total Redress Due £2119.54 and then under this "Your Share of Total Redress Due £1059.78".

Please could someone explain to me what this "redress" means. I believe that tax is deducted from PPi claims, so I am wondering if this is what it is. But if it is, I don't pay tax as I dont work, so is there anything I can do about that.

Thanks

Dazed_and_C0nfused

PPI refunds aren't taxable and do not have tax deducted from them.

Statutory interest paid alongside PPI refunds is taxable and does have tax deducted from it.

You probably need to post the full details to understand exactly what is relevant for tax purposes.

You may be eligible to claim some or all of the tax back from your share but no tax refund is due in respect of your late husband.

jack_tyler

Dazed_and_C0nfused said:

PPI refunds aren't taxable and do not have tax deducted from them.

Statutory interest paid alongside PPI refunds is taxable and does have tax deducted from it.

You probably need to post the full details to understand exactly what is relevant for tax purposes.

You may be eligible to claim some or all of the tax back from your share but no tax refund is due in respect of your late husband.

I have tried to attach some images, but I cant seem to do it

Dazed_and_C0nfused

You need to look for two figures, one of which is 20% of the larger one.

Possibly referred to as statutory interest or compensation.

For example £457.00 and £91.40.  £457.00 would be the taxable interest and £91.40 (20% of the £457) the tax deducted.

jack_tyler

here are the ppi photos

jack_tyler

Dazed_and_C0nfused said:

PPI refunds aren't taxable and do not have tax deducted from them.

Statutory interest paid alongside PPI refunds is taxable and does have tax deducted from it.

You probably need to post the full details to understand exactly what is relevant for tax purposes.

You may be eligible to claim some or all of the tax back from your share but no tax refund is due in respect of your late husband.

this is the redress I dont understand

Dazed_and_C0nfused

The bottom table on 3 seems to have the relevant information.

But that doesn't show if that is for you, your late husband or is joint.  You need to know that before you can complete the R40 form.

grahamm123

Hi, I wonder if anyone on here can help me please? I have claimed back PPI from the RBS and I have received my payouts over 7 different claims, seem to be spread 2013 and 2020. I need to know if I can claim the interest back between 2018 and 2020 please? The details the RBS have provided me are set out as follows:   Purpose of Payment   Statutory interest paid in relation to Payment Protection Insurance  Statement Of Deduction Of Tax

Year to: 05/04/2018

Payment Date: 24/04/2017

1. Gross Interest:  £39.15

2. Income Tax Deducted (20%): £7.83

3. Net Amount Paid or Credited: £31.32

Can you tell me by looking at the above information whether I am able to claim some tax back please?

 

Retiredwelshman

How much in total did you receive in interest in that tax year?

Dazed_and_C0nfused

grahamm123 said:

Hi, I wonder if anyone on here can help me please? I have claimed back PPI from the RBS and I have received my payouts over 7 different claims, seem to be spread 2013 and 2020. I need to know if I can claim the interest back between 2018 and 2020 please? The details the RBS have provided me are set out as follows:   Purpose of Payment   Statutory interest paid in relation to Payment Protection Insurance  Statement Of Deduction Of Tax

Year to: 05/04/2018

Payment Date: 24/04/2017

1. Gross Interest:  £39.15

2. Income Tax Deducted (20%): £7.83

3. Net Amount Paid or Credited: £31.32

Can you tell me by looking at the above information whether I am able to claim some tax back please?

 

No one can possibly know as you haven't said what other taxable income you have.  You may be due all £7.83 back, you could owe an extra £7.83.

Too little info to go on.

grahamm123

Hi again. I have attached a document without my name on but the details of a PPI claim. Can someone tell me whether I can claim any tax back please?