PPI refund and tax
Comments
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societys_child wrote: »Another old post :huh: this time from last April . .0
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societys_child wrote: »Another old post :huh: this time from last April . .0
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philharnott wrote: »Would be grateful for your view on this.
Thanks.0 -
Moneyineptitude wrote: »I recommend you learn how to start a new thread, Philhanott. It's really not difficult and you will garner far more relevant replies than bumping ancient threads.
Thanks.0 -
philharnott wrote: »I recognise the experience and knowledge of you & SC and would value your view/opinion/answer.0
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Moneyineptitude wrote: »Please start your own thread and elaborate therein what you want us to comment on.0
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It's almost certainly a typo
You are taxed 20% on the 8% interest refund element, you can claim the lot back if you have earned less than £1000 in interest over the year0 -
It's almost certainly a typo
You are taxed 20% on the 8% interest refund element, you can claim the lot back if you have earned less than £1000 in interest over the year0 -
It sounds like your neighbour will have been able to utilise the savings starter rate of tax where upto £5,000 of savings interest is taxed at 0% (the Personal Savings Allowance only kicks in after this).
If their only taxable non savings income (wages, pension etc) was the £11,489 then they would have had the full £5,000 savings starter rate available (plus £11 unused Personal Allowance).
They wouldn't actually have enough income to even be able to use the Personal Savings Allowance tax rate (also 0%).
This assumes they got the standard Personal Allowance of £11,500 i.e. hadn't applied for Marriage Allowance or claimed any expenses etc (tax code on P60 would normally be 1150L).0 -
In an earlier post you referred to the neighbour as a basic rate payer - was this an assumption which turned out to be wrong or is there some additional information which hasn't been disclosed?0
This discussion has been closed.
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