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High tax and reclaiming PPI tax
rev229
Posts: 1,045 Forumite
So my husband earns £55,000 he has had a PPI claim of £3300 we have joint savings of about £60000 with interest of about £500 for the year. Is it worth him claiming the PPI tax?
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Comments
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PPI refunds aren't taxable and don't have tax deducted.
Statutory interest paid alongside the PPI refund is taxable and does have tax deducted. How much tax was deducted from this element?0 -
3 ppi
tax deducted
£23.85
£217.49
£231.96
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So my husband earns £55,000 he has had a PPI claim of £3300 we have joint savings of about £60000 with interest of about £500 for the year. Is it worth him claiming the PPI tax?
Looks like he will be owing HMRC some tax on the interest. You may be able to claim some back though. (depending on who the PPI redress payments were for and whose names the savings are in.
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.0 -
Savings in joint names.0
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