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.Contact Us
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!
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.
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.
Get in touch today.