Reclaim the Tax on Your PPI Refund Claim

If you are one of the millions of people who reclaimed a PPI refund, then you need to know that you can claim the tax on that PPI Refund too. This means more ££s in your pocket that you are entitled to. This is automatically deducted from the payout, even though most people don’t need to pay it. If you have received a PPI Refund within the last four years, or are due to receive a payout in the future, then you could receive more money back than you were expected.

Tax Deducted from your PPI Refund

You claimed against a mis-sold PPI (Payment Protection Insurance) Policy and have, or are due to, receive an amount of money as a refund. But did you know that this PPI Refund has the tax taken from it before you receive it in your bank account? Tax is charged at the basic rate of 20% and this amount of money is taken from the PPI Refund automatically before a customer receives their refund.

Why could I receive a PPI Tax Refund?

On the 6th April 2016, the personal savings allowance was launched, which allows most taxpayers to earn up to £1000 a year of savings interest tax free. PPI Refunds automatically have 20% tax deducted without checks on the customers’ personal savings allowance, which means that many customers are entitled to a tax refund and therefore extra money in their pocket. Customers just like you.

You could receive a PPI Tax Refund if you:

• If you received a PPI Refund/Pay-out after the 6th April 2016.
• You earn less than £50,000 a year.
• You are not self-employed.
• You have not been declared bankrupt or in a debt management scheme.
• You have not already claimed your PPI Tax Refund.

How much Tax can I claim?

You can claim up to 4 years of Tax, meaning that the furthest you can go back to is the 2017/2018 tax year.

How much could I receive?

The amount that you could receive depends on the size of the original PPI Refund. As an example, if you took out PPI for 10 years and received a PPI Refund of £7,500, then you could receive over £1,400 as a PPI Tax Refund.

How can I claim my PPI Tax Refund?

Our claims process is easy, hassle free and we support you every step of the way. Simply start your claim using the form below, or get in touch with the experienced Reclaim Experts team who will guide you through the process.

Do you wear a uniform to work? An odd question, but for good reason. We want to help our customers claim everything they are entitled to. If you wear a uniform to work, we can help you claim the Uniform Tax Refund that you are entitled to. Start your claim today!