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  • FIRST POST
    • spiky9999
    • By spiky9999 12th Apr 18, 4:33 PM
    • 2Posts
    • 2Thanks
    spiky9999
    Reclaiming tax paid to joint bank account
    • #1
    • 12th Apr 18, 4:33 PM
    Reclaiming tax paid to joint bank account 12th Apr 18 at 4:33 PM
    This may help others to reclaim tax on ppi interest
    I have just successfully reclaimed tax on ppi interest for my wife. PPI payment against joint loans was made by my bank into our joint account. The bank advised that tax st 20% was passed to HMRC. My wife does not pay tax and therfore the tax on her half of interest amount was reclaimed using HMRC R40. There was a bit of paper chase with HMRC but we were successful. There may be people out there that didnt think of that and it only came to me when i was doing my tax self assessment. Good luck
Page 1
    • Dazed and confused
    • By Dazed and confused 13th Apr 18, 10:24 PM
    • 2,569 Posts
    • 1,236 Thanks
    Dazed and confused
    • #2
    • 13th Apr 18, 10:24 PM
    • #2
    • 13th Apr 18, 10:24 PM
    You can easily be due a repayment of tax deducted from interest even if you are basic rate payer.

    Basic rate payers can get upto 5,999 savings interest taxed at 0%.

    Chances are you will benefit to some degree by including your share of the income on your tax return.
    • spiky9999
    • By spiky9999 14th Apr 18, 7:11 AM
    • 2 Posts
    • 2 Thanks
    spiky9999
    • #3
    • 14th Apr 18, 7:11 AM
    • #3
    • 14th Apr 18, 7:11 AM
    Yes agree - good point - but my post relates to 2015/2016 tax year and I think that is before that change came in
    • Dazed and confused
    • By Dazed and confused 14th Apr 18, 8:19 AM
    • 2,569 Posts
    • 1,236 Thanks
    Dazed and confused
    • #4
    • 14th Apr 18, 8:19 AM
    • #4
    • 14th Apr 18, 8:19 AM
    That does make a small difference.

    In 2015:16 the maximum interest a basic rate payer could haave taxed at 0% was 4,999 rather than the current 5,999.

    As this was pre Personal Savings Allowance rate then the 0% rate (known as the starter savings rate) wouldn't have applied to a basic rate payer who had taxable wages/pension/self employment etc of 15,600 or more but less than that and some would have been available.
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