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PPI tax

marionwitton
Posts: 1 Newbie
I filled in the R40 form in 2019 claiming tax back on PLi payouts for three tax years £1949.48 in tax year ending 2017, £147.91 for the tax year ending 2018 and £16.09 for the tax year ending 2019 and was shocked to find instead of a refund HMRC sent me a demand for payment. Have the rules changed since 2019 and is it worth trying to claim again?
0
Comments
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There are two likely explanations,
1. You have made some mistakes when completing the R40 forms
2. The calculations are correct but you have misunderstood how interest is taxed.
The simplest starting point would be for you to confirm what you declared on the R40 in respect of the taxed interest.
Until you understand what has happened it is pointless getting in touch with HMRC as you will likely just confuse each other.
NB. I presume you understand PPI refunds aren't taxable and would never be included on an R40, it's just the statutory interest paid alongside the PPI refund that is taxable and had tax deducted from it.0
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