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    • 4 th time we've merged your threads  for complete history of your story please keeps to one thread
    • @dx100uk @ anyone else interested in Fighting HSBC UK  Staff/department non compliance and incompetence/interference in between HSBC UK and customers.   I wanted to know what you guys had to say about the reply i got from HSBC UK today.    Recap. I originally turned to HSBC UK to be reunited with Money i saved in accounts that where frozen and made dormant during the year 1995.   HSBC UK Teams tell me that HSBC UK only allows them to have access to account records dated back 6 years. there for they do not have the records, can not locate the records i requested for in my SAR. there for HSBC UK teams Ignored my SAR application for records of accounts made frozen and dormant during the year 1995. HSBC then claim if the accounts where closed they will no longer hold records of these accounts and tell that to the ICO. I again explained to HSBC UK and the ICO the records of accounts where left frozen and dormant.   HSBC UK teams continue to tell me over the phone that The records i requested for in my SAR, will not be located or do not exist because HSBC only allows them to have access to records of accounts dated back 6 years.    I returned to HSBC highlighting there is no such provision in the Data Protection Act.   HSBC UK teams today totally ignored my complaint again and confirmed with me they are classing my complaint as wanting to locate accounts that where closed.   Let me know what you think about the  HSBC UK teams response to my last complaint. Is there any other letters i can send them to confirm thay are not correct about what they have done.    The HSBC UK letter starts of by:You've been unable to recover funds you held in HSBC UK Accounts that were closed in 1994 to 1995, and to obtain the account details for the accounts concerned. You've been advised that we only retain records for up to 6 years, but you've been unable to locate any provision for this within the Data Protection Act (DPA). You require a Certificate of Destruction from HSBC UK to evidence the destruction of the data concerned. You feel your Subject Access Request (SAR) has been ignored by HSBC UK.   HSBC UK Teams now go on to explain: In respect of you being advised we only retain records for up to 6 years, but having been unable to locate any  provision for this within the Data Protection Act (DPA), I can confirm that under the DPA, we are obliged to only keep records for as long as we deem necessary, in order to effectively manage our data. So, for most cases, this will be for no more than 6 years.   In regards to your request for a Certificate of Destruction from HSBC UK to evidence the destruction of the data concerned, I regret that this isn't something that we can provide, as we don't keep records of when individual customer data was destroyed. I'd also like to clarify that if the accounts concerned were closed after becoming dormant, that we would have sent you closing statements at the time.   Lastly, I'm sorry you feel we've ignored your SAR. I want to assure you that we'll always look to accommodate a request for a SAR as best as we can. However, if we're unable to locate the account details and information required, this will mean we're unable to fulfil the request, which has unfortunately been the case on this occasion.   How else do you think i can highlight to HSBC that the teams dealing with My complaint, and request to be reunited with my money is not going to departments that can deal with my demand for services.?  
    • Hi   I have to agree if you have paid off the debt owed to them via this meter and are up to date on your bills  I would look at changing supplier and as said asking new supplier to install a standard meter and look for the best deals for you.
    • I have severe anxiety and going to leave my job and have been invited to a meeting but dont wish to attend that is three hours away from where I am. Can I legally give the  permission to decide without my being there? I cannot handle going as I know I'm going to be fired anyway as on my final warning. I'm also giving in my notice this week too! This job is just too much for me now and I cannot work here any longer. It's no good for my health and sanity  I am sick to my stomach thinking about going and about to hand my notice in anyway    
    • Thankyou it’s because I’m awaiting the outcome and a friend said I will be turned down as I asked them a while back if I had ppi on the account and how much it was and they replied.  But they did only send me a short confirmation with the amount and that they trust that answers my enquiry. i just wanted to be prepared if they wouldn’t turn me down based on that. Thanks for your advice on that mate 
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Taxman to make money from Payment Protection Insurance

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A spokesman for HM Revenue & Customs told Radio 4's Money Box programme: "No tax is generally due on the repayment element of compensation paid to those missold PPI. However, the additional interest is taxable - in line with other compensation claims."

 

http://www.bbc.co.uk/news/business-15701101

 

Millions face an unexpected tax bill over PPI compensation. Customers who have waited weeks, sometimes months for their money will have to pay tax on the interest they receive. It was agreed with the regulator - the FSA - that victims of PPI mis-selling would receive interest at 8% - but that could come down significantly after the revenue have had their cut.

 

http://www.bbc.co.uk/programmes/b0171x1r


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I wondered what happens if rather than the standard calculation they give a goodwill payment instead-seen a few older cards/loans where the banks don't have/can't be bothered to find the old statements and negotiate a compensation payment and banks being banks they say its a good will payment in full and final settlement.

In that case you can't break down which bit is the "8%", so what would be taxable-the whole amount?, 8% of the total?, allof it?

 

Ali x


Btw I am no expert just give notes based on what I have read on here and other forums/sites, plus my own experiences and investigations.

 

All ccj's now dropped off file, 2 yrs to go to clear file.

All old debts either settled or made unenforcable.

 

RBS MPP-Full offer at 8 wks from first complaint

RBS Overdraft loanguard-full offer at 8 wks from complaint

Citicard ppi-with FOS finally paid 8 months after offer through FOS!

Capital one x2- with FOS

Monument ppi-with FOS

aqua x2 ppi-partialled settled still pushing for the rest

Black horse ppi-offers made and accepted except for one early loan they say no info held-still pushing for payment

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There has to be mention of 8% interest for that element to be taxable.

 

ims


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

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3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

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5. Feel Bullied by Creditors or Debt Collectors?

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6. Staying Calm About Debt

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7. Thinking of a Full & Final Settlement?

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Right so better from a tax point of view if they offer a settlement, but I guess you are probably loosing out on the total paid on these older claims where all the info is not available anyway.

 

Ali x


Btw I am no expert just give notes based on what I have read on here and other forums/sites, plus my own experiences and investigations.

 

All ccj's now dropped off file, 2 yrs to go to clear file.

All old debts either settled or made unenforcable.

 

RBS MPP-Full offer at 8 wks from first complaint

RBS Overdraft loanguard-full offer at 8 wks from complaint

Citicard ppi-with FOS finally paid 8 months after offer through FOS!

Capital one x2- with FOS

Monument ppi-with FOS

aqua x2 ppi-partialled settled still pushing for the rest

Black horse ppi-offers made and accepted except for one early loan they say no info held-still pushing for payment

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Right so better from a tax point of view if they offer a settlement, but I guess you are probably loosing out on the total paid on these older claims where all the info is not available anyway.

 

Ali x

 

Matters not the age etc. All that matters is how the award is worded, for example a goodwill settlement of, say £500 plus 8% int of £100 would still mean that the 8% int has to be declared to HMRC.

 

If it was just a a goodwill settlement of £600 (with no mention of interest), the amount of award is the same as above but no interest element to delare to HMRC.

 

ims


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

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I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

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my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

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Ahh got it ims, so its how they break down the award that matters.

 

Ali x


Btw I am no expert just give notes based on what I have read on here and other forums/sites, plus my own experiences and investigations.

 

All ccj's now dropped off file, 2 yrs to go to clear file.

All old debts either settled or made unenforcable.

 

RBS MPP-Full offer at 8 wks from first complaint

RBS Overdraft loanguard-full offer at 8 wks from complaint

Citicard ppi-with FOS finally paid 8 months after offer through FOS!

Capital one x2- with FOS

Monument ppi-with FOS

aqua x2 ppi-partialled settled still pushing for the rest

Black horse ppi-offers made and accepted except for one early loan they say no info held-still pushing for payment

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Seems perfectly reasonable to me. I would expect to pay tax on interest anyway.

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I think it is reasonable too - interest is nearly always taxable and an 8% return is not at all bad

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I've recently received a £12k payout from MBNA for miss-selling PPI.

 

Having read this thread and the artcles attached, can anyone advise where I stand with a potential Tax liability?

 

The breakdown given by MBNA is as follows (rounded figures by me):

 

PPI Premiums charged since the sale date £3.9k

The amount of interest associated with the PPI premiums £5.7k

Total amount of 8% interest £2.5k

Total amount payable to you £12k

 

The link to the BBC website mentions tax deducted at source. How do I find this out?

 

In any event, I intend to ask MBNA to breakdown their calculations and I think that this subject gives me a ligitimate reason to seek this info, but is the tax liability on the "interest associated with the premiums" or the "8% interest" or both?

 

Thanks

Edited by Tungata

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It is only the 8% interest that is taxable (if you are a taxpayer)

 

ims


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

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my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

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IMS21 is correct. So if you are a basic rate tax payer then your liability to tax is £500 on this. As it is a bit of a chunk I would suggest you put it aside straight away when you get the repayment. HOWEVER, you need to check when the settlement arrives whether MBNA has already paid the tax on your behalf. HMRC rules would indicate that interest should be paid net of basic rate tax (as interest on savings in the bank is usually paid), meaning that if you are a basic rate tax payer you have nothing more to pay. However some banks/card companies have not interpreted the rules that way and are paying gross. If tax has been deducted it will be clearly stated on the documentation and if in doubt you can always call MBNA and ask. (If the interest is paid with 20% tax deducted and you are not a tax payer you can get a refund from HMRC)

 

Part of your settlement is a refund of interest charge don the PPI premium. That is not liable to income tax.

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Thanx for the guidance

 

I'm a higher rate tax payer so, based on my figures and these comments, I see two scenarios

 

1) Tax deducted at Source

 

Total Interest = £3125

20% Tax deducted (at source) = £625

Amount paid to me = £2,500

My Tax liability (another 20%) = £625

 

2) Gross amount paid to me

 

Amount paid to me = £2,500

My Tax liability (40%) = £1,000

 

So, I need to set aside between £625 and £1000, to keep the Revenue happy, at the end of this Tax year

 

Correct?

 

As a side issue. how do the Revenue get to know about this? My honesty? :wink:

 

Cheers

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You pay tax at whatever your tax rate so yes what you say looks right to me.

 

Most banks pay gross....there are only a couple that deduct at source.

 

It is up to you to make a full declaration of your tax affairs each year...not for HMRC to find out.

 

ims


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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You pay tax at whatever your tax rate so yes what you say looks right to me.

 

Most banks pay gross....there are only a couple that deduct at source.

 

It is up to you to make a full declaration of your tax affairs each year...not for HMRC to find out.

 

ims

 

Any payments of interest over £50 in a tax year are automatically notified to HMRC by the bank in question. IN practice you are not talking about huge sums here in the grand scheme of things.

 

How much extra you pay depends on whether the £2500 you get is the net or gross figure

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Any payments of interest over £50 in a tax year are automatically notified to HMRC by the bank in question. IN practice you are not talking about huge sums here in the grand scheme of things.

 

How much extra you pay depends on whether the £2500 you get is the net or gross figure

 

Yes agreed...but the onus is still on the taxpayer to make a full declaration.

 

ims


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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:thumb:

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Thanks for the info guys.

 

I think I'll just whistle up HMRC as soon as this tax year is over and get it sorted

 

It looks like I now need to reel-in my wife's ambitions about blowing the lot on shoes....

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I'd keep my mouth closed and say nothing

Consider it as your share back that bought the banks!!!!!

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interesting reading here.me and my partner have just been sent a 7k refund of payment protection

insurance.my partner works full time and pays tax.however i,m currently in reciept of employment

and support allowence.this is a joint account.does this mean when we put this money in to

our joint building society account i will be taxed as i,m on benefits ? if so what rate would that be

at many thanks.

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How is this worked out if the settlement has PPI premiums, Compounded interest and 8% Stat on top?

Surely if the PPI was never added then the Premiums could have been invested in an ISA?

This is not as simple as it seems?

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How is this worked out if the settlement has PPI premiums, Compounded interest and 8% Stat on top?

Surely if the PPI was never added then the Premiums could have been invested in an ISA?

This is not as simple as it seems?

 

It is simple as far as tax law is concerned on the 8%.

 

Where you pick up the point about the premiums and contractual which would have been available for investment elsewhere, this is where the principle of restitution comes into play.

 

It boils down to the regulatory or court route

 

ims


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Waddington

 

Everyone is entitled to an annual personal tax allowance which is currently £7475 .

If your total income from wages, some benefits and investments exceed that figure, you will pay tax on the balance at 20% on the first £35k of your income.


Gbarbm

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