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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15915
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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HALIFAX HAVE DEDUCTED 20% TAX FROM MY PPI AND FAST TRACK HAVE

Resolved Question:

HALIFAX HAVE DEDUCTED 20% TAX FROM MY PPI AND FAST TRACK HAVE DEDUCTED
THAT AMOUNT FROM MY REFUND BUT I AM NOT A TAX PAYER I AM 72 YEARS OLD
IT IS AROUND £375 WHICH IS A LOT OF MONEY TO ME. I WOULD LIKE TO KNOW
HOW TO GET IT BACK?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. As you don't complete an annual tax return, you will need to complete an R40 to get back the tax deducted from the interest on your PPI repayment. Put the net interest in box 3.1 and the tax in box 3.2. The refund itself is not taxable and no tax should have been deducted from that. You should get in touch with Fast Track and take that up with them. Take a look at the notes here and here for more information. I hope this helps but let me know if you have any further questions.
Expert:  TonyTax replied 1 year ago.
Hi. As you don't complete an annual tax return, you will need to complete an R40 to get back the tax deducted from the interest on your PPI repayment. Put the net interest in box 3.1 and the tax in box 3.2. The refund itself is not taxable and no tax should have been deducted from that. You should get in touch with Fast Track and take that up with them. Take a look at the notes here and here for more information. I hope this helps but let me know if you have any further questions.
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