Claim £100s or £1,000s PPI tax rebate

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17 March 2020

Mis-sold PPI payouts include eight per cent statutory interest.

This is to get you back into the position that you would have been in, if you had saved the money each year.

The interest is taxable-like savings interest, but unlike savings interest it is automatically deducted at source.

Martin Lewis explained that you can currently reclaim back as far as the 2015/16 tax year.

Anyone who got a payout in that year, and who was a non-taxpayer needs to act quickly – as you’ve only to 5 April to claim back the tax.

For those who have been paid out since 2016, the introduction of personal savings allowances means that 95 per cent of people don’t pay tax on the interest.

So, the majority of people who paid tax are due the money back.

You’ll need to fill in a R40 form, which is explained further here.

Martin Lewis said: “If you’ve had a PPI payout since 2015, you really need to go and look at whether you can claim your tax back.”

Read the full article in the Daily Record here