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  • FIRST POST
    • lorryw
    • By lorryw 9th Mar 18, 2:44 PM
    • 104Posts
    • 21Thanks
    lorryw
    PPI repayment and tax
    • #1
    • 9th Mar 18, 2:44 PM
    PPI repayment and tax 9th Mar 18 at 2:44 PM
    I have just received a letter from Lloyds to tell me I will be receiving a refund of just over 2000 for missold PPI .The letter detailing the amount is complicated and includes numerous abbreviations etc.
    After reading the letter several times I notice that 300 has been deducted because " the gross interest will count towards your personal savings allowance' Is that usual?
Page 1
    • Nearlyold
    • By Nearlyold 9th Mar 18, 6:30 PM
    • 1,055 Posts
    • 884 Thanks
    Nearlyold
    • #2
    • 9th Mar 18, 6:30 PM
    • #2
    • 9th Mar 18, 6:30 PM
    Yes its usual.
    • societys child
    • By societys child 9th Mar 18, 6:35 PM
    • 5,197 Posts
    • 5,734 Thanks
    societys child
    • #3
    • 9th Mar 18, 6:35 PM
    • #3
    • 9th Mar 18, 6:35 PM
    I have just received a letter from Lloyds to tell me I will be receiving a refund of just over 2000 for missold PPI .The letter detailing the amount is complicated and includes numerous abbreviations etc.
    After reading the letter several times I notice that 300 has been deducted because " the gross interest will count towards your personal savings allowance' Is that usual?
    Originally posted by lorryw
    They should deduct 20% for the tax man. If you're a higher rate tax payer, you should contact HMRC because you owe more, but if you're a none tax payer, you can claim it back.

    • amersall
    • By amersall 9th Mar 18, 7:13 PM
    • 15,251 Posts
    • 18,853 Thanks
    amersall
    • #4
    • 9th Mar 18, 7:13 PM
    • #4
    • 9th Mar 18, 7:13 PM
    https://www.gov.uk/government/publications/income-tax-claim-for-repayment-of-tax-deducted-from-savings-and-investments-r40

    • lorryw
    • By lorryw 10th Mar 18, 8:42 AM
    • 104 Posts
    • 21 Thanks
    lorryw
    • #5
    • 10th Mar 18, 8:42 AM
    • #5
    • 10th Mar 18, 8:42 AM
    Thank you for the information.
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