Reclaiming tax on interest - how long does it take?
harg7769
Posts: 20
Forumite
For anyone who was successful in claiming back the tax on PPI interest by filling in R40 form, how long did the process take?
I filled my form in online and my Gateway account was updated two weeks ago to say I should expect a response but there was no indication of when I should expect a response.
I filled my form in online and my Gateway account was updated two weeks ago to say I should expect a response but there was no indication of when I should expect a response.
0
Comments
-
Which year are you claiming for?
And on what basis are you claiming? None taxpayer?
Entitled to the savings starter rate?
Entitled to the savings nil rate (otherwise known as the Personal Savings Allowance)
Did you file a Self Assessment return for the year you are claiming for?0 -
Ah right, sorry didn't realise it was so complicated.
Current year, as a basic tax payer paying by PAYE if that helps?0 -
Mm, not sure if they will repay part way through the year to someone currently employed.
It may not be clear how much of each rate band you have available. In theory a basic rate payer could have £5,999 interest taxable at 0%. Or much less than that.
Given we are only part way through the year what did you declare for your employment income on the R40?0 -
I used the figures on the Hmrc website that gave a year to date figure.0
-
I'm not sure if you will get a repayment until the tax year is finished and HMRC know your actual earnings.
That can play a big part in determining how much of your interest will be taxed at the savings starter rate or savings nil rate of tax.0 -
Just to close this one off, I received a cheque this afternoon for £198. All in all it took nearly three weeks from beginning to end for my cheque to come through.0
This discussion has been closed.
Categories
- All Categories
- 342.4K Banking & Borrowing
- 249.9K Reduce Debt & Boost Income
- 449.4K Spending & Discounts
- 234.6K Work, Benefits & Business
- 607K Mortgages, Homes & Bills
- 172.8K Life & Family
- 247.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.8K Discuss & Feedback
- 15.1K Coronavirus Support Boards