Have Tax Questions? Ask a Tax Expert for Answers ASAP
Less basic rate of tax to be withheld on 8% £ 619.80. is stated on the bLewiseakdown list.
Write to you tax office if you have one, or approach your local HMRC office and request a refund of the tax deducted. As a non taxpayer HMRC may well refund immediately as opposed to waiting until the end of the tax year (5 April 2015).
Thank you for your excellent support.
There is one point I should mention. BBC News has the following advice:
'HM Revenue and Customs (HMRC) has confirmed that no tax is levied on the compensation sum victims receive, but it is on any additional interest paid.'
Just a point. If any interest has been paid than that will be added to your existing income and taxed at your marginal rate. The mention of 8% is confusing as this is the interest allowed on a judgment debt which is what the total PPI compensation is actually classed. Mark you that would indicate a compensation in the many thousands which seems a tad extreme.
no thank you .Am taking up your advice to tackle tax offices to check for refund