This article is here to inform you not only how you could be owed a tax rebate on your PPI compensation, but also how we can help make that happen for you (we have specialist PPI solicitors who have won more than 25,000 claims in total to date (all types).
Since 6th April 2016, (when the personal savings allowance was launched) thus enabling most taxpayers to earn an extra £1,000 per year tax free.
Since this change, whilst most savings interest has been paid ‘gross’, ie, without any tax being taken off, PPI refunds were still taxed as income with 20% automatically deducted.
Due to the fact that PPI refunds were taxed as a lump sum payment at the point it was paid, most people who have paid tax on PPI payouts since then are entitled to some money back.
How Do I Know If I’m Owed Extra Tax Rebates On My PPI Payout?
Our advice if you are unsure is to make contact with us, this is because there could be mitigating circumstances by which you could be owed additional compensation
Since the personal savings allowance was launched several years ago most of the claimants are due compensation but we would recommend you get in touch with us to verify (based on our expertise and personal experiences with handling PPI rebates and PPI refunds).
How Much Extra Compensation Could I Be Due?
We would need to take a look at the claim and have an overview of your earnings and the timescales surrounding your claim and your particular case as a whole, it is for these reasons we can only say so much on this page without you speaking to one of our specialist PPI experts, all enquiries are handled on a no win no fee basis with no upfront or hidden fees.
What Are The Time Limits For Making These Tax Rebate Claims?
Normally the time limitation for the reclaim of tax overpaid is 4 years from the tax year, however there may be exceptions to this, or you may have misread the circumstances surrounding your case.
For example the tax on a PPI claim is paid at source, so the tax paid to the HMRC would have been paid out at the time the claim (redress) would have been issued, not at the point of your enquiry about the issue.
Why Did I Pay Tax On My PPI Payout?
The tax comes under your personal savings allowance due to the fact that PPI refunds are and were taxed as income for the duration of the PPI scandal, the tax you paid may very well have been in excess of what you owed and therefore you could be due compensation.
How Can I Claim A PPI Tax Rebate?
Get in touch with us now to discuss your PPI tax situation further on a no obligation basis.
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