PPI Tax Refund Claims

Why might I be eligible to claim?

A PPI settlement is made up of three elements:

i) A refund of the PPI premiums you paid;
ii) Any contractual interest or charges you paid as a result of your PPI policy; and
iii) Compensatory interest

Compensatory interest is paid to return you to the position you would have been in had you not been sold the PPI, it is therefore considered a type of savings interest meaning it is taxable.

In April 2016 the UK Government introduced a personal savings allowance which allows taxpayers to earn up to £1,000 a year tax-free on their savings.  Since then, while most savings interest has been paid without any tax being taken off, lenders continued to deduct  20% tax from the compensatory interest paid as part of a PPI settlement.

This means you may be entitled to claim 100% of the tax you paid on any PPI settlements back, which could be worth £1000s.

Other frequently asked questions

How many years can I make a Tax Refund claim for?
You can claim a tax refund for the last 4 tax years on any settlement of a PPI claim that you have received.

Who is the HMRC registered Tax Agent you are working with?
We are working with Brooksdale Ltd, trading as Your Tax Rebates.  A leading tax refund specialist that has helped thousands of people claim back overpaid tax.

What fees do Brooksdale Ltd charge?
You will only pay a fee to Brooksdale Ltd if your claim is successful. Their fees are 48% (including VAT, where applicable) of the tax refund obtained for you.

Do I have to use a third party to submit a claim?
No, you can apply for a tax refund yourself if you want to. However, Brooksdale Ltd specialises in this service and has a wealth of experience helping customers get their tax back. If you chose to use their service they can help you every step of the way.

Can I cancel if I change my mind?
From the date you sign your agreement, you have a 14-day cooling-off period, during which you may cancel your claim free of charge.

Your right to a 14-day cooling-off period is waived if your claim has been approved by HMRC, and a refund has been approved within the 14-day period.