What is PPI Tax? and how do I get a PPI Tax Refund?

Millions were claimed through the misselling of PPI, well Billions in fact; over 38 billion pounds was paid out to millions of customers by various lenders including Lloyds Bank, HSBC, Royal Bank Of Scotland, Natwest, Santander, Blackhorse, and many many more. One aspect of the PPI refund service customers like you and I were not aware of is the deduction of Tax. the aforementioned lenders in addition to the various other lenders would automatically deduct tax from all refunds. Now this PPI tax was deducted at the basic rate of 20% across the board. Millions of customers can get a PPI tax refund and can receive a PPI tax rebate online.

https://simplerebate.blogspot.com/2021/06/what-is-ppi-tax-and-how-do-i-get-ppi.html

Why are PPI Refunds Taxed and how do you claim tax back on PPI?

The refund you get back on PPI can be split into three main sections.

1. The PPI Premiums paid by yourself

2. If you have been charged any extra interest due to the PPI policy you will also get this money back

3. you get 8% Statutory interest on the total amount you’ve paid for PPI based on the above two points.

The Statutory Interest part of the refund is the element in which you can get a PPI tax refund. this statutory interest is classed as a savings investment and therefore tax is deducted from the PPI refund. The PPI tax is deducted by almost all firms that are refunding PPI payments at 20%, this is done automatically.

Since April 2016 more and more people are qualifying for a refund due to the introduction of the Personal Savings Allowance, which allows the majority of taxpayers to earn £1000 of savings interest tax-free, thus enabling them to claim tax back on PPI.

Claim PPI Tax Back ONLINE?

The PPI payout is taxed the year it was paid to yourself, meaning that if you had a PPI policy in 2001 and you made a claim in 2017 and were paid your PPI refund in 2017 you can make a PPI tax refund claim for the year 2017.

The majority of taxpayers qualify for the Personal Savings Allowance which came into force in 2016. however, the amount does vary for different earners and taxpayers.

⦁ Basic 20% Taxpayers who earned between £12500 and £50200(approx) can earn up to £1000 in savings interest per year,

⦁ Higher Rate 40% Taxpayers who earn between £50200 and £150000(approx) can earn up to £500 in savings interest per year,

⦁ Top Rate anybody earning above £150000 doesn’t get a personal savings interest allowance.

If the amount earned from the interest on the PPI claim is less than your personal savings allowance amount you could be due all your tax back on PPI when you make your PPI tax reclaim.

If You feel you are owed you PPI Tax Refund the easiest way to do it is to claim a refund of income tax deducted from savings and investments.

Simply visit the below and complete the online form:

https://www.ppitaxrefund.org.uk/

Or

https://www.claimstaxrefund.co.uk/?AL

Have you heard of Marriage Allowance or Marriage Tax Allowance?

If you are married or in a civil partnership in the UK, you could be owed a refund! simply visit:

https://mymarriageclaim.co.uk/

to find out more.

Ask Leonie

Independent Blogger — writing about all things necessary

PPI TAX RECLAIM — claimstaxrefund.co.uk/check1/?askleonie

Marriage Allowance Check — https://mymarriageclaim.co.uk/

PCR Test — TheChemistLive is the perfect healthcare solution for Private Prescriptions and Vaccinations as well as a wide range of service — https://covid19fittofly.com/

Claim PPI Tax Back Marriage Allowance Marriage Tax Allowance PPI tax rebate PPI Tax Reclaim PPI Tax Refund https://simplerebate.blogspot.com/2021/06/what-is-ppi-tax-and-how-do-i-get-ppi.html