Tax is due on interest element of PPI comp
Posted by mostafa on 7 February, 2012
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This item was filled under Tax
Tax is not typically due on the repayment element of compensation paid to taxpayers who were mis-sold payment protection insurance (PPI), but the additional interest on such payments is taxable.
Basic advice on the matter has been issued by the Revenue, which says most payments of interest will come within the circumstances described.