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cerberusalert

Taxman to make money from Payment Protection Insurance

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Surely you'd only pay tax on the rate that you were due to pay in the year that the interest was deemed to have accrued? That makes for some very tricky calculations as interest rates and tax bandings fluctuated.

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nope

you are being paid 'today'

dx


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The tax man calls it the "receipts basis" (when you got it) as opposed to the assessment basis (the years it applies to)


Gbarbm

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I have a question, purely out of curiosity, as this will not apply to me:

 

Some PPI payouts are paid directly to offset/clear other debts with the same bank, so the person never actually has any control over the money.

 

What would happen to the tax man's slice of that?

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It is only the 8% interest which is taxable and the bank need to let you know whether tax has been deducted at source or not.

 

In any event, the 8% interest must be declared to the tax authorities by the claimant

 

ims


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So, for example... someone gets their claim upheld, and it's £5,000. £1,000 of that is the 8% interest awarded. Of that, the tax man should be getting £200 (if the claimant is paying basic rate tax).

 

What would happen if XYZ bank offset the whole £5,000 against another debt with themselves. Would the claimant have to pay £200 "out of pocket" to the tax man?

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It is up to claimants to argue with the bank that the 8% interest should be paid to them and shouldn't be part of the set off in my opinion

 

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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hi,

 

after dealing with a claims handler(edit),

 

the bank offered me a settlement on prior loans i didnt know about,

 

i never informed (edit),of these ones,

 

it is now 2 months after bank has settled on these and (edit),have written to me saying they have been offered a settlement on these loans

and are after there commision,

 

do i need to pay them?

 

already paid them for loans i informed them about.

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start your own thread and please do not advertise

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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