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Simple interest
- Do not assume that the taxable element of a client’s PPI compensation payment will be trivial.
- Few individuals will have paid the correct tax.
- The payment received may not be the same as that shown in the documents.
- The time limit for repayment claims for 2016-17 is 5 April 2021.
Perhaps we have led sheltered lives but the extent of the mis-selling of payment protection insurance (PPI) and the tax problems associated with the compensation took us by surprise when our experiences at the North West Tax Clinic prompted us to explore the issue further. This article also draws on experiences reported in online discussion forums and on social media in particular HMRC’s community forums (community.hmrc.gov.uk) and its customer support Twitter feed @HMRCcustomers. These sources have confirmed that our clients’...
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Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
