Money Show last night, Martin explained how the statutory interest element of a PPI payout effectively counts as savings interest.
"So if you haven’t earned that, this interest counts towards it so you should be able to reclaim it." So if you were a non-taxpayer in the year the PPI was paid out, you may be able to claim all the tax back. For example, a basic rate taxpayer who last year earned £300 in interest on their savings and got a PPI payout including £750 of statutory interest, would have earned a total of £1,050 in interest.
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