Claiming Tax on PPI payout

Lipstick99 · 28 May 2019 at 1:00PM

I got 3 PPI payouts prior to the 2015/16 tax year.

Can I now claim the tax on interest back - I have been in the 20% bracket and employed all the time.

Confused as all examples refer to payments made to PPI claims after 15/16.
Am I wasting my time filling in the 3 claim forms (R40)?

BoGoF · 28 May 2019 at 1:04PM

The 0% starting rate for savings income (including interest) was introduced from 6 April 2016 (16/17 tax year). You can't claim a refund for years prior to this.

Dazed_and_confused · 28 May 2019 at 9:03PM

It is too late now to claim for tax years before 2015:16.

If you didn't pay very much basic rate tax in 2015:16 it may be possible to make a claim for that year as some of the interest may be due to be taxed at the savings starter rate of tax. Which was 0% in 2015:16.

If you were earning more than £15,600 you are unlikely to be due a refund.

Am I wasting my time filling in the 3 claim forms (R40)?

You do know it's one form per tax year, not one form per PPI payout?

Mrsn · 28 May 2019 at 11:37PM

As previous posters have said it’s just 1 form and very quick to do. If you are eligible it doesn’t take long for the refund to happen, I think mine was about 2 1/2 weeks from sending the form online to receiving the cheque

bonscott_2 · 17 June 2019 at 7:57AM

i have sent off 3 x R40 forms in april for myself and my mother to reclaim back the tax but heard nothing,so i have re-sent the forms again via recorded delivery to hmrc,how long does it take to get a refund from them?

Dazed_and_confused · 17 June 2019 at 5:55PM

Which tax years did the forms relate to?

Do you know the specific reason why you and your mother are due a refund?

Claiming Tax on PPI payout

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