What is a PPI Tax Rebate?
Payment Protection Insurance (PPI), was sold by Banks, Building Societies and Credit providers to cover repayments for borrowers where they couldn’t make the payments themselves. Lenders usually take out income tax (20%) from any PPI compensation pay-outs for the taxman, but not everyone should be paying that tax. On the 6 April, 2016 the Personal Savings Allowance (PSA) came into effect. It means 20% rate taxpayers can earn up to £1,000 a year of savings interest tax-free and 40% rate taxpayers can earn £500 in interest before being taxed.
Am I eligible?
The PPI payout is taxed in the year it is paid, so even if you took out a PPI policy in, say, 2004, if it was repaid in 2016, it’s that later tax regime that counts.
If you were a non-taxpayer in the year the PPI was paid out (eg, currently that means those earning less than the £12,500 personal allowance), unless the statutory interest pushes you over the taxpaying threshold, you can claim all the tax back.
How much will I get back?
It varies hugely depending on the size of your PPI pay out and when you took out the loan. Call our team on 0161 541 2789 to discover how much you could be entitled too.
Why Use Us?
No Hidden Fees
At Pockex Tax we recognise that many people worry that using a tax rebate company means uncertainty about what they will pay. We promise that the price we say is the price you pay.
At Pockex Tax our main priority is the satisfaction of our customers. We constantly review our processes to ensure our customer’s need and preferences are met to enable us to give customers the best possible experience.
Peace of Mind
At Pockex Tax we offer peace of mind and reliability with our services. We know when it comes to your money you want to be sure you are getting the best service possible. We do not ask for bank details until we have obtained your rebate.