tax on ppi
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Badger197
Posts: 11 Forumite
Hi iI had a few PPI,s would like to claim tax back on this what is the case with this now ,some were more than 4 years ago .still got the paperwork ..
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Comments
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Tax isn't deducted from PPI refunds, just the interest paid alongside the PPI refund.
Did you complete Self Assessment returns for any of the tax years you want to claim for?
You can no longer claim for tax deducted before 6 April 2019.0 -
thank you0
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I had a number of PPI payouts 10 years ago. Why can't I claim ? It seems a bit unfair you can only go back 4 years considering PPI claims stopped in August 20190
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JohnandViv said:I had a number of PPI payouts 10 years ago. Why can't I claim ? It seems a bit unfair you can only go back 4 years considering PPI claims stopped in August 2019
For most people no tax refund would have been due for any year prior to 2016-17 as different rules applied to how interest was taxed.
But even if a refund was due you had at least 5 different tax years in which to make a claim.1 -
I had a number of PPI payouts 10 years ago. Why can't I claim ? It seems a bit unfair you can only go back 4 years considering PPI claims stopped in August 2019Your tax situation and PPI refunds are not linked. Every year, you are required to notify HMRC of tax issues (either in your favour or their favour) if it's not collected automatically via PAYE or other means.
So, its your responsibility to let HMRC know and you get a window to do that. However, they cannot keep that window open forever.
As it happens, the personal savings allowance was introduced on 6th April 2016. So, anything before that wouldn't matter anyway. i.e. those ones from 10 years ago.
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
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