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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4973
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am 73 and well under the £10,500 limit.so do

Customer Question

Hello,
i am 73 and well under the £10,500 limit.so do not pay tax. I have just recieved £25000 PPI compensation from LLOYDS TSB, they have deducted just over £3000 tax, should I be able to claim it back from HMRC,
many thanks, ***** *****
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question. If your income in the tax year is well under your personal allowance and you think you should not be paying tax on the PPI compensation from Lloyds Bank, you should complete Form R40 and seek repayment from HMRC.You can download this form herehttps://www.gov.uk/government/publications/income-tax-claim-for-repayment-of-tax-deducted-from-savings-and-investments-r40 You may find information on PPI compensation - Tax implications here helpfulhttp://taxsimple.co.uk/news/ppi/ I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

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