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  • FIRST POST
    • bluemonday3
    • By bluemonday3 14th Jun 19, 2:37 PM
    • 210Posts
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    bluemonday3
    PPI Tax refund help
    • #1
    • 14th Jun 19, 2:37 PM
    PPI Tax refund help 14th Jun 19 at 2:37 PM
    Hi, I have paid tax on a PPI refund in August 2015, however I have chaged employer since then and also banked with a different bank to now, I am not sure I can get access to the info to reclaim the tax paid. Does HMRC hod these records please?
Page 1
    • BoGoF
    • By BoGoF 14th Jun 19, 3:12 PM
    • 5,296 Posts
    • 5,155 Thanks
    BoGoF
    • #2
    • 14th Jun 19, 3:12 PM
    • #2
    • 14th Jun 19, 3:12 PM
    Did you earn enough in your employment to pay tax that year? If so, no refund on the PPI tax.
    • Nasqueron
    • By Nasqueron 14th Jun 19, 3:15 PM
    • 7,603 Posts
    • 4,840 Thanks
    Nasqueron
    • #3
    • 14th Jun 19, 3:15 PM
    • #3
    • 14th Jun 19, 3:15 PM
    HMRC will have PAYE records yes, do remember the Personal Aavings Allowance wasn't in force in 2015 (it started 6th April 2016), you can't retrospectively apply the PSA

    HMRC allow claims back with 4 years of the relevant tax year but as the rate was 20% back then for lower rate tax payers I'm not sure if you would be entitled to anything
    the concept of a United States of Europe is right. Winston Churchill 1930
    I think that the Government are right to apply to join the European Economic Community... -Winston Churchill 1961
    The future of Europe if Britain were to be excluded is black indeed.
    - Winston Churchill 1963
    • bluemonday3
    • By bluemonday3 14th Jun 19, 3:32 PM
    • 210 Posts
    • 31 Thanks
    bluemonday3
    • #4
    • 14th Jun 19, 3:32 PM
    • #4
    • 14th Jun 19, 3:32 PM
    Thanks for your replies. Yes I was paying tax, to be honest I find all this confusing!
    So just so I understand, you cannot claim back if you were paying tax?
    I have just had a payment recently also, so does the same apply, I cannot claim the tax back?
    • Nasqueron
    • By Nasqueron 14th Jun 19, 4:03 PM
    • 7,603 Posts
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    Nasqueron
    • #5
    • 14th Jun 19, 4:03 PM
    • #5
    • 14th Jun 19, 4:03 PM
    Since 6th April 2016 you have (pretty much) been able to earn 1000 of interest each year tax free - from savings as well as things like a PPI refund


    What I am saying is that if you were refunded in 2015 you can't ask for a refund under the PSA because it wasn't in force then



    If you had a payout since then, yes you can apply for a refund of the tax on the interest element using the form R40 - make sure you only declare the interest element, not the whole PPI refund. Keep in mind also if you earned more than 1000 of interest you may end up having to pay more tax!
    the concept of a United States of Europe is right. Winston Churchill 1930
    I think that the Government are right to apply to join the European Economic Community... -Winston Churchill 1961
    The future of Europe if Britain were to be excluded is black indeed.
    - Winston Churchill 1963
    • bluemonday3
    • By bluemonday3 14th Jun 19, 4:12 PM
    • 210 Posts
    • 31 Thanks
    bluemonday3
    • #6
    • 14th Jun 19, 4:12 PM
    • #6
    • 14th Jun 19, 4:12 PM
    thank you for this, so I will forget the 2015 claim.
    Sorry to ask dumb questions but can I submit a claim for the this years claim even though the tax year has not ended?
    I know I won't have earned 1k in savings interest!
    • Dazed and confused
    • By Dazed and confused 15th Jun 19, 6:09 AM
    • 5,388 Posts
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    Dazed and confused
    • #7
    • 15th Jun 19, 6:09 AM
    • #7
    • 15th Jun 19, 6:09 AM
    Although the savings nil rate of tax (commonly referred to as the Personal Savings Allowance) didn't exist in 2015:16 there was a different, potentially more beneficial, 0% tax rate, the savings starter rate. This allowed up to 5,000 of interest to be taxed at 0%.

    But it only applies if your employment income was less than 15,600 in the 2015:16 tax year.

    So you might be able to claim but it will depend on how much your job paid that year.

    HMRC will know that if you cannot find your P60 for 2015:16 but you will have to know your PPI interest details.
    • bluemonday3
    • By bluemonday3 15th Jun 19, 8:58 AM
    • 210 Posts
    • 31 Thanks
    bluemonday3
    • #8
    • 15th Jun 19, 8:58 AM
    • #8
    • 15th Jun 19, 8:58 AM
    Ah thank you for this. I was earning over the threshold in that year.
    Can I still claim the amounts back now for the payments received this year or do I need to wait until the end of the tax year please?
    • Dazed and confused
    • By Dazed and confused 15th Jun 19, 1:25 PM
    • 5,388 Posts
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    Dazed and confused
    • #9
    • 15th Jun 19, 1:25 PM
    • #9
    • 15th Jun 19, 1:25 PM
    I think you'll have to wait until the end of the year.
    • Nasqueron
    • By Nasqueron 15th Jun 19, 2:28 PM
    • 7,603 Posts
    • 4,840 Thanks
    Nasqueron
    Ah thank you for this. I was earning over the threshold in that year.
    Can I still claim the amounts back now for the payments received this year or do I need to wait until the end of the tax year please?
    Originally posted by bluemonday3

    You can submit the form now but you will have to ensure you are not over the threshold at the end of the tax year or you'll have to do a self assessment
    the concept of a United States of Europe is right. Winston Churchill 1930
    I think that the Government are right to apply to join the European Economic Community... -Winston Churchill 1961
    The future of Europe if Britain were to be excluded is black indeed.
    - Winston Churchill 1963
    • Dazed and confused
    • By Dazed and confused 15th Jun 19, 2:40 PM
    • 5,388 Posts
    • 2,860 Thanks
    Dazed and confused
    Earning 17,500 (in the current year) doesn't mean you have to complete a Self Assessment return.

    If it did most of the country would be having to do one.
    • bluemonday3
    • By bluemonday3 16th Jun 19, 1:22 PM
    • 210 Posts
    • 31 Thanks
    bluemonday3
    thank you for your responses
    • Nasqueron
    • By Nasqueron 16th Jun 19, 4:44 PM
    • 7,603 Posts
    • 4,840 Thanks
    Nasqueron
    Earning 17,500 (in the current year) doesn't mean you have to complete a Self Assessment return.

    If it did most of the country would be having to do one.
    Originally posted by Dazed and confused

    Right, so if someone submits the R40 now and declares the interest, and then over the rest of the year (perhaps PPI refund, savings, whatever), goes over the PSA of interest, they can just ignore being over the limit and no-one, least of all, HMRC, will care? OK
    the concept of a United States of Europe is right. Winston Churchill 1930
    I think that the Government are right to apply to join the European Economic Community... -Winston Churchill 1961
    The future of Europe if Britain were to be excluded is black indeed.
    - Winston Churchill 1963
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