Civil Claim News
Keeping you in the know about the claim game…
By Jake Mitchell, Published: 17th September 2020, 15:30pm
Time for Tax Back! Millions of People are due a Tax Refund on PPI Pay-outs
With billions of pounds being reimbursed by banks due to mis-sold PPI, many people who received these PPI refunds are able to reclaim the tax taken from their PPI pay-outs.
PPI refunds were taxed at 20% on the 8% Statutory interest amount put onto PPI refunds designed to match inflation so that people did not lose out financially because of PPI (Somewhat defeats the object to tax this you would think…).
However, due to marriage Tax allowance and Personal savings Allowance, of which the legislation was passed in 2016, this tax may now be eligible for a rebate. The amount of personal savings allowance does vary and is dependent on the individuals tax bracket:
Basic Tax Bracket 20% – £1000 P.S.A
Higher Tax Bracket 40% – £500 P.S.A
Top Tax Bracket 45% – £0 P.S.A
In terms of what this means on the whole, David Bryers, assistant Money Editor of The Times has stated : “Millions of people who received compensation…may be owed tax rebates totalling hundreds of millions of pounds.”
“A total of £13 billion has been paid out in compensation since the savings allowance was introduced in April 2016, of which £1.75 billion is thought to be interest….Based on these figures, savers may be owed up to £350m in tax they should not have paid.”
Whilst you can attempt to claim this tax back yourself via an R40 Form provided by HMRC, these have conveniently been made drawn-out and complicated.
We are now taking clients to reclaim PPI Tax on a No Win, No Fee basis. The process couldn’t be simpler, just fill out the Case Ready Form, we’ll automatically send you a contract via email for you to submit an e-signature, and we’ll take it from there.
If you were taxed on your PPI pay-out don’t hang around. You might be able to book that stay-cation after all!
By Jake Mitchell, Published: 10th September 2020, 10:25am
High Court Rules in Favour of Consumer as £11,000,000 Given in SIPP Compensation
There has been an encouraging development for people who have lost money by using a SIPP (Self-Invested Personal Pensions).
Two companies: Avacade Limited and Alexandra Associates have been ruled to give over £10 million pounds in SIPP Compensation to past clients that have lost money as a result of acting on the firms’ advice.
The companies and their directors Craig & Lee Lumis, and Raymond Fox were deemed to have unlawfully given investment advice and arrangements. Furthermore, they gave misleading phone calls and online promotional material to customers.
Thankfully, as well as SIPP compensation being provided, these companies have been banned from undergoing this kind of unregulated activity ever again.
A spokesperson of the FCA has also recently declared “The FCA will make wrongdoers financially accountable to consumers whom…’ ‘…include elderly and vulnerable citizens who have paid their due share of income tax, made sacrifices, and taken prudential decisions for their future retirement over the course of an honest working life’.” Furthermore, the FCA has encouraged SIPP operators to follow their guidelines: “We have been clear about our expectations for Sipp operators in a number of previous publications. Operators should continue to meet these.”
This is more positive news following other court rulings which have favoured the SIPP provider as opposed to the consumer.
If you have lost money through investing in a SIPP, contact us today to see if we can help you make a claim.
Feel free to check out our fantastic Customer Reviews in the mean time…
By Jake Mitchell, Published: 9th September 2020, 11:25am