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Ask Adam Hunt Your Own Question
Adam Hunt
Adam Hunt, Accountant
Category: Finance
Satisfied Customers: 297
Experience:  FCCA, FFA, FFTA
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Actually, I thought I was being dealt with! All I want to

Customer Question

Actually, I thought I was being dealt with!
JA: Have you talked to a financial professional about this?
Customer: All I want to know is....is it correct that I m being taxed on a ppi payout?
JA: Anything else you want the Accountant to know before I connect you?
Customer: No THankyou, I have already gone through all of this!Customer: No...?It has leafy been done.
Submitted: 1 month ago.
Category: Finance
Expert:  Adam Hunt replied 1 month ago.

Hi I am one of the experts. On ppi, there are three elements of compensation, historic interest and simple interest. This simple interest element is taxable and should be declared on the self assessment.

Hope I have answered your question?

Expert:  Adam Hunt replied 1 month ago.

But may be already this interest is taxed at source so please check with the guys who are helping you get this compensation. If it is already taxed at source by bank then it should all be good.

Expert:  Adam Hunt replied 1 month ago.

If question is answered then please also accept answer.

Expert:  Adam Hunt replied 1 month ago.

So, you need to look for these two kinds of interest and figure out which one is taxed. Normally this 8% interest is taxable. This is clearly written on the reference link.

Thank you and please do rate me so that I will be grateful.

Expert:  Adam Hunt replied 1 month ago.

Please do me one favour that rate me now so that I will be grateful.