Spellman Worth specialise in helping clients recover tax paid on their PPI refund.
We have a panel of tax claims experts we work with to progress our Clients’ rebates all on a No Rebate No Fee basis.
PPI Tax Rebate
Millions of people successfully reclaimed their PPI payments and compensation for being mis-sold PPI Policies.
It is estimated that over £350 million is owed by the Tax Man to consumers that were taxed on their PPI settlements. HMRC expected claimants to complete a revised Tax Return to get this money rebated. The vast majority of people had no idea that the money deducted from their settlement could ever be reclaimed!!
In April 2016 the Personal Savings Allowance was introduced, which allowed Basic Rate taxpayers to earn up to £1,000 a year tax-free on their savings, this included the statutory interest paid on PPI claims.
In addition, if you are a non-taxpayer then you have the right to reclaim all of the Tax deducted and paid to HMRC by the Lender.
Am I Due a Tax Rebate?
The PPI refund you received is taxed in the year it is paid to you and not when you started your PPI Policy. So, if you received your refund after April 2016 you may be due a rebate.
If you were a non-taxpayer (currently those earning less than £12,500 PA) in the year your PPI was refunded to you; you can claim all of the tax back.
For taxpayers, if the total interest earned from your savings plus the PPI statutory interest is less than your Personal Savings Allowance, then you will still be due all or some of the tax back.
How Do I Get my Tax Rebate?
You may have already received a Tax Pack from us, all you need to do is complete the Letter of Authority and return it in the envelope provided, or take a copy (scan or photo) and email it to firstname.lastname@example.org.
If you have lost your Letter of Authority please ring us on the number below and we will get your rebate started.
For further assistance, please read our FAQs or contact us on 0203 034 0127 to speak with a Claim Handler.