Millions of people in England, Wales & Northern Ireland, who have received PPI refunds since April 2017, have been taxed too much and are eligible to claim it back.
GET UP TO £1000 PER TAX YEAR.
Why you could be due a PPI tax refund.
If you’ve had a successful PPI refund since 2017, there is a high chance are you were incorrectly taxed too much on your refund without even realising.
Your final PPI payout would have included Statutory Interest which is automatically taxed at 20% before it paid to you.
However, the rules on how interest is taxed changed on 6th April 2016, meaning that most people that received a PPI refund after this date paid too much tax on the interest.
The good news is we can help you get back the 20% tax.
Check your eligibility using our quick online form. Apply 100% online, with no documents to post.
We'll speak directly to the lenders, work out your rebate amount and file a claim with the HMRC.
Once approved, you'll receive your rebate via cheque between 6-8 weeks!
You have 3 years to claim back the tax
Don't delay as you could miss out!
How do I check if I was taxed on my PPI
Your final settlement letter will include a breakdown of how your PPI refund was calculated. It will usually consist of 3 components:
1. The actual PPI premiums. 2. Interest (if your original loan was increased to pay for PPI). 3. Statutory Interest (this is usually 8% per year).
The third element, Statutory Interest will usually have 20% tax deducted from it before it is paid to you.
How much will I get back?
The amount you’ll get back is dependent on your personal circumstances. The value of the refund is mainly based on your income in the year of the refund as well as the amount of Statutory Interest paid.
What documents will I need to claim?
You will need the Final Settlement / Response letter from your lender as this proves the amount of tax that was deducted from your refund. We’ll also need proof of ID to comply with Money Laundering Regulations.
If you’re missing any documents, we’ll liaise directly with your lenders and HMRC to get any missing information.
How long does the process take?
This depends on how quickly your lenders and HMRC respond to our claim. Most claims are settled within 6-8 weeks.
How much does it cost to claim?
Our fee on successful claims is 30% plus VAT. For example, if your refund is £100, our fee would be £36 and you would receive £64.
Our fee is settled directly from the refund, so you never need to pay us out of your own pocket.
As we operate on a no-win no fee basis, you pay us nothing at all if we don't get you a refund.
Is there a time limit for claiming?
You must file a claim within 3 years from the end of the tax year in which you received your refund.
For example, if you received your refund on 31st January 2019 (2018/19 tax year), you must claim by 5th April 2022.
Please note: A tax rebate is only applicable if you are a basic rate tax-payer and your PPI interest payment has not tipped your earnings into the higher rate tax band. Please DO NOT complete the form if you are Self-Employed or a higher/additional rate tax payer.
Instead, please seek advice from your accountant.
What if I'm not happy?
For whatever reason you are not happy with our service you can get in touch with us directly:
Peace of mind with our No Rebate, No Fee promise. In the event that your claim is unsuccessful, you won’t be charged a penny!
Get in Touch
AIA Solicitors limited Lower Ground Floor Suite 4 Park Place Leeds LS1 2RU Tel: 0113 733 6226 Email: [email protected]
Our services are provided by solicitors of England and Wales, and regulated by the Solicitors Regulation Authority. You may access the Solicitors Regulation Authority's rules at http://www.sra.org.uk/home/home.page. Our SRA registration number is 563612.