Pay Day Loans/PPI Tax Claims

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What is this?

Despite the PPI deadline passing over a year ago, successful claims are still being made against the banks and lenders. This is mainly due to the tax that was automatically and mistakenly deducted from millions of PPI refunds.

If you received a PPI refund, it’s likely you’re owed the tax that may have been taken from it.

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Why Did This Happen?

Problem

If tax was due on your PPI pay outs, the banks tended to deduct it automatically at the basic 20% rate before you got your money back. Clearly, this is an obvious problem for non-taxpayers!

Money Back

But since April 2016, far more people have been owed tax back as that's when the Personal Savings Allowance launched. This allowed most taxpayers to earn up to £1,000 a year of savings interest tax-free. Yet PPI still had 20% automatically deducted. And as PPI is taxed as a lump sum payment at the point it is paid, most of us who paid tax on their refund are due some more money back.

You Could be Owed

So if you received a PPI pay out or compensation from a Pay Day loan in the last 4 years, it’s likely you’re owed the tax back on it. You could be owed hundreds, perhaps even thousands.

No Win - No Fee

Successful claims made through Claims Right a trading style of The Claims Bureau Limited are subject to a Success Fee. The success is charged at 25% plus VAT of any monetary compensation awarded to the claim. Clients have a 14 day “Cooling-Off” period during which time they may cancel at any time without charges. After this time, cancellation will result in the application of the Cancellation Fee. If we have already submitted your claim, which results in an offer of compensation subsequently being made, we will charge our full fee as per our Terms of Business – our fee is 25% + VAT. See Terms of Business for details.

We can help.

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Claims Right a trading style of The Claims Bureau Limited who are a claims management company. You do not have to use our service as you are entitled to make a claim yourself for free, either to the person against whom you wish to complain or to the relevant statutory ombudsman (The Financial Ombudsman Service or The Pension Ombudsman Service), or the statutory compensation scheme (The Financial Services Compensation Scheme) if it falls within their remit, providing where applicable you have approached the company in question first.