PPI claimants could be sitting on a significant amount of cash but only have a small amount of time to get it
However, there isn't much time left to claim back the extra cash due to UK tax rules. Martin Lewis explained in this week's episode of his ITV show that the tax year is coming to an end in just over a couple of weeks.
"This is the crucial bit, they added an 8 per cent statutory interest...which counts as savings interest for tax purposes. So when you got that extra on top, and it could have been a lot of money, it counts like savings interest. Martin added that only a few people paid tax because they had the earnings threshold. Despite this, PPI automatically had 20 per cent taken off which means people were taxed when they shouldn't have been.
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