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PPI Tax Refund claims

If you have had a successful PPI claim with us in the last four years, we may have been in touch to let you know that you could claim back 100% of the tax your lender deducted from your PPI settlement.

We work with a HMRC registered tax agent Brooksdale Ltd (trading as Your Tax Rebates) that can progress a PPI Tax Refund claim on your behalf, as well as other types of Tax Refund claim. They have already helped 1000’s of customers claim back over £1.2 million overpaid tax.

Read on to find out more…

How do I make a PPI Tax Refund claim?

If you are eligible to make a PPI Tax Refund claim we will get in touch with you via email, SMS and telephone to help you get started with your claim. Look out for our email and SMS which contain a link for you to start the claims process online!

Why was tax deducted from my PPI offer?

A PPI offer made up of 3 parts: a refund of the PPI premiums paid to the lender,  a refund of any additional interest you were charged due to the PPI premiums, and  compensatory interest calculated at 8% per year since you took the PPI.

Compensatory interest is considered taxable. Due to this, before your lenders paid you the compensation, they took 20% of your compensatory interest and paid this to HMRC as tax.

Why could I be due a PPI Tax Refund?

In 2016 the government launched Personal Saving Allowance that allows most taxpayers to earn up to £1,000 in savings interest; tax free.

Since then, whilst most interest on savings has been passed to consumers without any tax being taken off, lenders have continued to deduct 20% tax from PPI compensation – meaning you may be due 100% of the PPI tax you paid back.

What about other types of Tax Refund claims?

We are working with our tax agent partner, Brooksdale Ltd, to provide our customers with the oppourtunity to claim tax refunds dating back 4 years for other tax allowances you may be entitled to such as working from home, employment expenses and marriage allowance. We’ll be in touch soon to let you know how we can help. Look out for your emails and SMS so you don’t miss out you could be due £100s in tax refunds.

A service update from The Claims Guys

The Claims Guys have stopped mis-sold product and unfair relationship claims, as of 29th June 2021.

We have written to all customers who had an open claim(s) with us in June to provide information about their claims going forward.

If an offer has been made by a lender on, or before 29th June 2021 our fees will still be payable, and we will continue to collect any outstanding fees after 29th June 2021.

We have included a section on Frequently Asked Questions below, which should answer any queries you have about the process.

Frequently Asked Questions

1. Why can you no longer process my claim?
We submitted an application to the Financial Conduct Authority to cancel our claims management permissions on 29th June 2021. As this date has passed, we are no longer able to carry out claims management activity.

2. Are your fees still payable if I have received an offer from my lender?
As we still represented you until 29th June 2021, if your lender made an offer of compensation on, or before this date our fees will be due and payable. We are able to continue to collect our fees after 29th June 2021, and will continue to contact customers who have outstanding balances. If you would like to make payment toward an outstanding balance, please click here to view your payment options.

3. How do I progress my claims after 29th June 2021?
if you still have open claims, there are two ways you can continue with these claims:

  • Pursue your claims with your lenders yourself. There is no charge for this service, and you may be able to escalate your claims to the Financial Ombudsman Service (FOS) if you are unhappy with a lender’s response; or
  • Use another claims management company or law firm to pursue your claims.

4. Do I need a claims management company, or other firm to represent me?
You are not required to use a claims management company to pursue your claims. You are able to pursue your claims against your lenders yourself for free. If you are unhappy with the response a lender provides to your claim you may also be able to escalate this to the Financial Ombudsman Service (FOS) free of charge. You may still wish to still have the convenience and assistance offered by a claims management company, in which case you are able to employ another claims management company or law firm to support you with your claims.

Who are The Claims Guys?

We are one of the longest established and most successful claims management companies. We were established in 2009 and we have spent over a decade helping our customers with financial claims.

Although we can no longer help customers with PPI claims we have recently started working with selected partners who offer relevant services, such as Tax claims, that may be of interest to our customers.

We will never transfer any personal information to a third party without your permission.  If you do not want to receive marketing updates you can simply click the unsubscribe option on any of our communications, or email us at dataprotection@theclaimsguys.co.uk

 

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