Martin Lewis returned to This Morning today to share his latest tips and warnings when it comes to money. With just weeks to go until the end of the 2019/2020 tax year – which falls on April 5, 2020 – Mr Lewis urged people to act now when it comes to reclaiming money via a Payment Protection Insurance (PPI) tax rebate.
Explaining it was the “last chance” to claim the rebate, he said: “Mis-sold PPI payouts include eight percent statutory interest (to get you back in the position you would have been in, for example if you had saved the money each year).
“This interest is taxable like savings interest, but unlike savings interest it is automatically deducted at source. So, 20 percent comes off your payout.”
Mr Lewis went on to explain that it is possible to claim back this tax, up to the 2015/16 tax year.
This means that if people who got a payout in the 2015/16 tax year or later could potentially get additional money paid to them – via a tax rebate.
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