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News

Banks May Tax PPI Payments

Following on from the FOS and FSA’s win over the banks in the high courts, there were a great many consumers who were very pleased that those responsible for the initial PPI mis-selling scandal would be forced to pay up. Indeed, with over £3bn put aside by the financial institutions, there are plenty of consumers finally getting the money they’re owed.

However, in news that will leave them less than impressed, it has been revealed that some of the money repaid by the banks may well be eligible to be taxed by HRMC (everyone’s favourite people).

Whilst the repayment itself is not actually eligible to be taxed, the interest that the Ombudsman service is reclaiming for those applying for the refund could be, due to the fact that it had not been part of the funds used to pay for the PPI in the first place.

Some of the financial institutions have actually deducted the taxable amount at the source, but this isn’t going to be the case all the time, and consumers have been warned to expect to lose some of their repaid funds.

The news came from a spokesman for HM Revenue & Customs who was speaking on the Radio 4 Money Box programme.

For more of the latest news from the world of PPI, continue to check into the Creditline Financial blog here.

Posted by Shaun Edwards on 25 Nov 2011

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