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Tag Archives: tax

PPI reimbursement equal to tax cut

It has been suggested that the vast sum of Payment Protection Income (PPI) reimbursement that consumers have received could act like a tax cut in stimulating the economy. Around 16.1 million people have been missold PPI over the past decade, causing them to pay out premiums for insurance that was of no worth. However, with Read the full article…

HMRC continues to eye PPI tax gain

It has been reported that HM Revenue & Customs (HMRC) is continuing to eye a windfall tax year, with Payment Protection Insurance (PPI) customers having to pay tax on the interest from any compensation received. Though there is no tax levied on compensation from missold PPI, any additional interest that is also paid to customers Read the full article…

PPI compensation recipients urged to check tax

HM Revenue & Customs (HMRC) has recently reported that many thousands of people will have to pay tax on the interest that they received on top of their Payment Protection Insurance (PPI) compensation. However, whilst much of the news has highlighted the need for forthcoming claimants to check whether tax has been made at source, Read the full article…