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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15732
Experience:  International tax
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I am a higher rate tax payer and recently receveid a ppi payout. Tax

Resolved Question:

I am a higher rate tax payer and recently receveid a ppi payout.
Tax was deducted at 20% on the intrest accrued before the payout. I know I have to daclare and pay the remaining tax on the intrest. Can I offset some this by claiming tax releif on (expenses) the moneys paid to the ppi firm that got the money back ?
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
and thank you me to assist you.
Unfortunately no, the interest you received in the payout is taxable with no relief offered.
HMRC has covered the PPI and their guidance is found in the following pages:
http://www.hmrc.gov.uk/manuals/saimmanual/saim2105.htm
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