PPI Tax Rebate Deadline

mikey888

Hello, I received a ppi refund of £6000 back in January 2020. Could someone inform me as to when the deadline falls to claim back tax paid on the interest for this refund? I hope it is not today !!!

Thanks for any help you can provide and apologies in advance for being such a financial numpty.

Dazed_and_C0nfused

You have exactly a year.

Did you complete a Self Assessment return for the 2019:20 tax year?

mikey888

Thanks for swift response D&C. Phew !

I don't think a quite understand your question though . I Definitely have NOT completed a Self Assessment return for 2019:20 , or for any dates after this . Perhaps this could be due to the fact that I was ( and still am ) claiming universal credit and carers allowance ? ( Caring for two elderly parents ).

Thanks once again for any help you can provide .

Dazed_and_C0nfused

mikey888 said:

Thanks for swift response D&C. Phew !

I don't think a quite understand your question though . I Definitely have NOT completed a Self Assessment return for 2019:20 , or for any dates after this . Perhaps this could be due to the fact that I was ( and still am ) claiming universal credit and carers allowance ? ( Caring for two elderly parents ).

Thanks once again for any help you can provide .

It's just that the process is different if you had completed a Self Assessment return.

If you haven't then you need to complete an R40 with details of all taxable income in 2019:20.

PPI refunds aren't taxable (and don't have tax deducted from them).
Statutory interest paid alongside the PPI refund is taxable and does have tax deducted.
Carers Allowance is taxable

Universal Credit isn't taxable

But didn't you claim the tax back a few years ago 🤔

https://forums.moneysavingexpert.com/discussion/6123520/ppi-tax-deadline#latest

mikey888

"But didn't you claim the tax back a few years ago 🤔"

Correct and well spotted D&C ! I must confess to chronic financial procrastination as well as being a financial numpty.  That initial ppi refund claim was made online , just 2 hours before the deadline in August 2019 .

Thanks for your help both times and all that you are doing for others on this site   🙏. I promise to get it sorted out pronto .