PPI Tax Refund
If you were taxed on your PPI refund, you may be due a rebate. Complete our PPI Tax Refund Form to begin your No Win, No Fee case. The process couldn’t be simpler:
1. Complete the PPI Tax Refund Form Below
2. You’ll receive a contract via email to submit an e-signature
3. Our affiliate accountants will begin work on your PPI Tax Refund
You can also get in touch with us by calling 0800 8620605
or simply email email@example.com with the details of your query.
Why was Tax Deducted From Your PPI Refund?
Only one aspect of a PPI refund is tax deductible. And this is the 8% statutory annual interest given to match inflation. Originally, this interest was designed to ensure that you did not lose out financially as a result of mis-sold PPI.
Most firms will have automatically deducted this tax before reimbursing your PPI sum, and the general rate used is 20% of the statutory interest amount – too much for you to ignore..
Why it’s Possible to Claim PPI Tax Back
|Tax Bracket||Tax-Free Interest Allowance Amount|
In April 2016, Personal Savings Allowance legislation was passed, allowing taxpayers to earn a certain amount of interest as tax-free savings.
This means that many people who have since received PPI pay-outs are entitled to a full PPI tax rebate if the amount taxed, when combined with the interest earned from savings is still less than their Personal Savings Allowance Amount. If the PPI tax sum is more than your personal savings allowance when combined with interest earned from savings, only a partial rebate may be possible.
Claiming Yourself – the R40 Nightmare
Whilst you can attempt to reclaim your PPI tax back using an R40 Form, HMRC have made this process a real headache. Unfortunately, you’d need to enter a whole heap of details regarding income etc. and if you received more than one PPI pay-out in different tax years, then you will need to complete multiple R40 Forms.
Moreover, some money-saving ‘experts’ have suggested attaching further letters to accompany this extensive form to try and resolve the issue. Yet, they have openly admitted that even this may not help your case in achieving a PPI tax rebate.
We’ll Take Care of it…
Save yourself a lot of time and effort and let us deal with the paperwork, consequently leaving you with an easy and hassle-free experience.
At Civil Claims Services our expert claim handlers will assess your case and, if necessary, refer your case to one of our trusted and experienced solicitors.
This is a No Win, No Fee* process, with a fixed commission rate of 30% of the PPI Tax Refund if your claim is successful.
*Cancellation fees apply outside of 14 day cooling off period