Check A Claim Ltd is a claims management company specialising in financial and injury claims. The company was founded in 2009 and the directors have over forty years’ shared experience in claims management.
Check A Claim is regulated by the Financial Conduct Authority under FCA 830542.
Millions of people have enjoyed successful PPI claims with many millions paid out by lenders over the years. The deadline for making PPI claims has now passed, but a further claim can be made for the repayment of tax which was automatically deducted by the lender when the PPI claim was settled.
Why can I make a further claim?
When a PPI claim is settled, the payment often includes a claim for statutory interest at 8% pa for the length of time since the policy was taken out. The lender would typically deduct 20% of this amount in tax and pay it directly to the HMRC.
On the 6th April 2016, the Government introduced the personal savings allowance, which gives most taxpayers a tax free savings allowance of £1000 per annum. The statutory interest element of a successful claim is included in this allowance, meaning this can be claimed back from HMRC.
Does this just apply to PPI claims?
A claim can also be made for other types of financial claim including Packaged Bank Accounts and Pay Day Loans
What time period applies?
The personal savings allowance was introduced in April 2016. A claim can be made for any case settled after that date. You have four years after the end of the tax year in which the case was settled to make a claim.
You will not be able to make a claim for any case which was settled before April 6th 2016
How much is my personal savings allowance?
Basic rate (20%) tax payers have an annual allowance of £1000
Higher rate (40%) tax payers have an annual allowance of £500
The highest rate (45%) tax payers have no annual allowance
Non tax payers should be able to reclaim all the tax they have paid on the statutory interest element of their claim
How much will I get?
The value of a claim for repayment of tax varies according to a number of different factors. It is not necessarily directly linked to the value of the original PPI claim. However, the average successful claim value for this type of case is currently around £200
Unfair relationships: ‘Plevin’ cases
In 2014, Mrs Susan Plevin took Paragon Personal Finance to court. Paragon had charged Mrs Plevin 71.8% of her PPI premium as commission, without letting her know. The Supreme Court ruled that this constituted an ‘unfair relationship’, resulting in a refund for Mrs Plevin.
To find out more about ‘Plevin’ cases click here.