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tax on ppi

Badger197
Badger197 Posts: 11 Forumite
Third Anniversary First Post
edited 11 April 2023 at 9:32AM in Reclaim PPI & other insurance
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 ..

Comments

  • 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.
  • Badger197
    Badger197 Posts: 11 Forumite
    Third Anniversary First Post
    thank you 
  • 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
  • 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
    Those time limits have been in place for a long time, they are nothing new.

    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.
  • dunstonh
    dunstonh Posts: 119,913 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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
    Your 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.
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