PPI TAX CLAIMS – another nice windfall

Most people who had a successful PPI claim didn’t receive the full amount of their redress or compensation as most of the banks and lenders involved deducted tax at the basic rate from the amounts paid.

This deduction of tax related to the statutory interest which was applied as part of the compensation calculation. Although this statutory interest is treated like savings and is therefore taxable, most people are not liable for any tax due to income levels and the range of personal allowances and savings allowances available within the tax system.

This means that many people can claim some or all of this tax deduction back which normally comes in the form of a tax refund from HMRC.

The refunds are claimed by tax year (6th April to 5th April of the following year) depending on the date you were paid the PPI compensation and the good news is that claims can be backdated for up to four years.

PPI tax claims can be made for individual claimants, joint claimants and for deceased persons depending on the circumstances.

 


How do I know if I had tax deducted

This information will be on the final decision letter you received from your bank or lender and should be clearly started as tax deducted.

Don’t worry if you don’t have that letter, we can help with that.

To find out how much of a refund you may be due, simply fill in the box below.

CONTACT US ABOUT PERSONAL TAX ALLOWANCES, REFUNDS AND SAVINGS

    WHAT OUR CUSTOMERS SAY

    • "We had already claimed thousands of pounds of PPI compensation from a bank which we had loans with in the past. Despite this fact McGinness Associates rewrote to them on our behalf and we received a further £17,331.79. We honestly did not expect a single penny to come our way and were totally astonished when it did." - Jill & Alister Kerr, West Yorkshire

    • "I would thoroughly recommend the services your company provided in recovering my PPI from Santander Bank. I could have done this myself but quite frankly I didn’t need the hassle in my life. The banks treat your company with respect and returned my money with no argument, fast and efficiently. This would probably not have been the case if I had tried to do this myself." - Diane Baumann, Essex

    • "Thank you so much for all your hard work and dealing with my claims so professionally. I am very impressed with the quite determination that you have shown. I always got the feeling that considerable attention to detail was being shown throughout my claim period. I was really surprised that you managed to be so successful when other companies failed." - Frank Henderson, Edinburgh

    • "The money that McGinness associates got for me and my wife from PPI was a great help to pay off our debts and leave us some over to have a few holidays. The service from McGinness Associates was fantastic as they did everything for us and we are very grateful to them and I would recommend them to anybody." - Robert Hogg, Bearsden

    • "Hi Adam, I am emailing you to thank you so much for your help in managing to obtain the PPI funds for myself and my family. I can honestly say that this money has been life changing for us. You have been professional throughout and we are delighted that it was you who took on our claims." - William Barry, Dundee

    • "Always impressed in our dealings with McGinness Associates. Their expertise in financial services and financial claims speaks for itself. They really focus on customer service and take the time to understand their customers. A professional organisation with the added bonus of being nice people to deal with." - Stewart Park. Huthwaite