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  • FIRST POST
    • goldenicon
    • By goldenicon 15th Apr 19, 1:30 PM
    • 31Posts
    • 1Thanks
    goldenicon
    Reclaiming tax paid on PPI (confused)
    • #1
    • 15th Apr 19, 1:30 PM
    Reclaiming tax paid on PPI (confused) 15th Apr 19 at 1:30 PM
    Hi,

    I got a PPI payout from RBS in February 2018 and another in March 2019.

    I tried to claim back the tax online but it doesn't explain how to claim for PPI tax. Do I need to make 2 separate claims?

    Has anyone claimed online or is it better to claim by post?

    Thank you.
Page 1
    • Nasqueron
    • By Nasqueron 15th Apr 19, 3:29 PM
    • 7,181 Posts
    • 4,528 Thanks
    Nasqueron
    • #2
    • 15th Apr 19, 3:29 PM
    • #2
    • 15th Apr 19, 3:29 PM
    Send form R40 in to reclaim the tax paid on the interest element
    • goldenicon
    • By goldenicon 15th Apr 19, 3:51 PM
    • 31 Posts
    • 1 Thanks
    goldenicon
    • #3
    • 15th Apr 19, 3:51 PM
    • #3
    • 15th Apr 19, 3:51 PM
    Send form R40 in to reclaim the tax paid on the interest element
    Originally posted by Nasqueron
    Yes, it seems that the online application is overly complicated. Martin's tips for filling out the form only apply to the postal form.

    Looks like I'll need to fill out two forms to claim back the tax.

    Thanks.
    • Dazed and confused
    • By Dazed and confused 15th Apr 19, 6:31 PM
    • 4,550 Posts
    • 2,343 Thanks
    Dazed and confused
    • #4
    • 15th Apr 19, 6:31 PM
    • #4
    • 15th Apr 19, 6:31 PM
    As the PPI interest was paid in two different tax years then yes you will need to complete two R40's, one for 2017:18 and a second for 2018:19.

    An R40 is basically a simple tax return, you have to declare all taxable income which was received for the year in question i.e. taxable wages, company benefits, pension income, savings interest etc as well as the taxed PPI interest.
    • goldenicon
    • By goldenicon 15th Apr 19, 7:19 PM
    • 31 Posts
    • 1 Thanks
    goldenicon
    • #5
    • 15th Apr 19, 7:19 PM
    • #5
    • 15th Apr 19, 7:19 PM
    As the PPI interest was paid in two different tax years then yes you will need to complete two R40's, one for 2017:18 and a second for 2018:19.

    An R40 is basically a simple tax return, you have to declare all taxable income which was received for the year in question i.e. taxable wages, company benefits, pension income, savings interest etc as well as the taxed PPI interest.
    Originally posted by Dazed and confused
    Do I have to wait until the end of the 2019 tax year to claim the second one, as they will ask for the yearly contributions paid?

    Thanks
    • Dazed and confused
    • By Dazed and confused 15th Apr 19, 7:30 PM
    • 4,550 Posts
    • 2,343 Thanks
    Dazed and confused
    • #6
    • 15th Apr 19, 7:30 PM
    • #6
    • 15th Apr 19, 7:30 PM
    Do I have to wait until the end of the 2019 tax year to claim the second one,
    Normally yes.

    But as it finished 10 days ago it shouldn't be much of a problem

    I got a PPI payout from RBS in February 2018 and another in March 2019
    • goldenicon
    • By goldenicon 15th Apr 19, 7:38 PM
    • 31 Posts
    • 1 Thanks
    goldenicon
    • #7
    • 15th Apr 19, 7:38 PM
    • #7
    • 15th Apr 19, 7:38 PM
    Normally yes.

    But as it finished 10 days ago it shouldn't be much of a problem
    Originally posted by Dazed and confused
    Ok, thanks.
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