TaxCorporate TaxCheck for tax owed on PPI mispayments

Check for tax owed on PPI mispayments

Tax on interest could be due on PPI repayments, warns HMRC

CLAIMANTS who won payment for mis-sold payment protection insurance (PPI) will have to pay tax on the interest earned, according to HM Revenue & Customs.

Billions of pounds have been set aside by banks after the FSA won a judicial review forcing them to pay out on mis-sold PPI claims. HMRC, on BBC Radio Four’s Moneybox programme, said that had the money not been used on PPIs, then it would have been taxable if invested in a savings account.

Individuals would have to check whether the banks had automatically deducted tax on interest.

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