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  • FIRST POST
    • MSE Eesha
    • By MSE Eesha 8th Apr 19, 8:22 AM
    • 118Posts
    • 29Thanks
    MSE Eesha
    Martin Lewis: Had a PPI payout? If so, you can reclaim the tax on it
    • #1
    • 8th Apr 19, 8:22 AM
    Martin Lewis: Had a PPI payout? If so, you can reclaim the tax on it 8th Apr 19 at 8:22 AM
    This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.





    Please click 'post reply' to discuss below.
Page 3
    • Dazed and confused
    • By Dazed and confused 2nd May 19, 6:14 AM
    • 4,752 Posts
    • 2,442 Thanks
    Dazed and confused
    Hi
    Hope someone can help regarding claiming tax back on a successful PPI claim back in 2016 via R40 form. The following successful claim is outlined below
    Total refund was 6423.75
    Gross interest at FOS rate 1920.25
    Less tax 20% 384.05
    Stay Interest at FOS rate 0
    Net Interest 1536.20
    Total offer 7959.95
    I am a basic tax payer at 20% and have hadn’t any interest on savings am I eligible to claim based on above info? Also what figures do I need to enter on the R40 form for the UK interest section?
    Any help appreciated.

    Cheer
    Si
    The figures needed for the R40 are,

    Gross interest at FOS rate 1920.25
    Less tax 20% 384.05
    Net Interest 1536.20

    As you haven't said what tax year you received the interest in or what your other taxable income is its impossible to know what refund you may be due back.

    But as you are a basic rate payer then it could be something like this,

    2015:16
    It may be nothing but could equally be the full 384 if you didn't pay much basic rate tax i.e. the savings starter rate of tax (0% in 2015:16) is available to you.

    2016:17
    You are likely to be due best part of 200 back, courtesy of the savings nil rate of tax (aka Personal Savings Allowance) but could be due the full 384 back if you didn't pay much basic rate tax and can use the savings starter rate of tax (also 0% in 2016:17).

    This all assumes your tax affairs are otherwise upto date i.e. you don't want we any tax for other reasons, and you genuinely didn't have any other taxable savings interest, this is particularly relevant if your claim is for 2016:17.
    • sharkusmarkus
    • By sharkusmarkus 3rd May 19, 5:39 PM
    • 3 Posts
    • 0 Thanks
    sharkusmarkus
    I've literally just got my paperwork indicating I have a payout coming.

    I noticed the 20% tax deducted, and was wondering if I could claim it back, hence looking at this article / forum post.

    The question I have is that I've been non-resident in the UK for 16 years, I've been living and working in Canada, so would I just use Form R43, and if so, which section(s) would be relevant?
    • Dazed and confused
    • By Dazed and confused 3rd May 19, 8:04 PM
    • 4,752 Posts
    • 2,442 Thanks
    Dazed and confused
    All sections relevant to you would the ones you need to complete.
    • sallyport3
    • By sallyport3 4th May 19, 9:50 AM
    • 1 Posts
    • 0 Thanks
    sallyport3
    Success !!
    Hi Martin and team. I read your information about tax payed on PPI payouts. I filled in the form R40 as you suggested and added the same additional comment that you suggested. I am no spring chicken and although I can find my way around a computer, I am no genius (nor do I know much about income tax). I found it pretty easy and it took about half an hour. That was just short of 3 weeks ago and today I have received a cheque for 590.10. Thank you very much.
    • sharkusmarkus
    • By sharkusmarkus 6th May 19, 1:09 PM
    • 3 Posts
    • 0 Thanks
    sharkusmarkus
    All sections relevant to you would the ones you need to complete.
    Originally posted by Dazed and confused
    So form 43 then? There's no online version? I'll download and have a look around and see if I can figure it out. Thanks
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