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HMRC has seen a significant increase in payment protection insurance (PPI) taxed interest repayment requests from agents.
To speed up the processing time of applications HMRC is developing an IT solution to automate the processing of some PPI taxed interest repayment applications. It is advising that agents submit applications this way:
- individual applications should be submitted for each tax year on the existing standard R40 form;
- do not include any other tax reclaim types within that R40 form;
- only include the agent details on the spaces provided on the R40 form;
- do not include covering letters; and
- post the claims to the new dedicated PPI tax interest reclaims address: PPI tax interest claims HMRC BX9 1ZR.
The automated service is reliant on receipt of a standard application. HMRC expects automation of these forms to begin in late spring. The departments says that any applications not received in the correct...
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