 pay-out in the past four years could get hundreds of pounds extra. PPI was widely mis-sold by banks, credit card providers and other firms for decades. This led to a wave of payouts, with consumers getting around £38billion back. The deadline to bring a new PPI claim closed in August 2019. But speaking on the Martin Lewis Money Show Live, the MoneySavingExpert founder said there was another way consumers with PPI payouts may be due some extra cash. "There will be a lot of you out there that have had PPI payouts since then," Martin said. People with PPI payouts may be able to claim tax back too ( ITV/REX/Shutterstock) It's all down to tax. Some PPI payouts were taxed on the interest added to the cash lump sum. The tax was meant to reflect the fact that the interest was a form of savings, and therefore taxable. However, savers have been able to earn up to £1,000 a year in savings interest before paying tax since April 6, 2016. That's for basic-rate taxpayers, and higher rate earners get £500 before paying tax thanks to the personal savings allowance. If you If you don't pay income tax at all, you could be able to get as much as £12,500 worth of interest a year before tax is applied. Most people don't earn anything like that much interest on their savings in a year - so they should be able to claim the tax applied to their PPI payouts back. You can go back four tax years for these refunds, which can be worth hundreds of pounds. How much you get depends on your original PPI payout and your tax status. If you think you might be owed tax back, you should use an HMRC 'claim a refund of income tax deducted from savings and investments' R40 form. If you're not living in the UK, you need form R43. Mart){kind=link}
MSE boss Martin Lewis has said Brits who got refunds for mis-sold PPI may be able to get some more cash back provided they got their payout in the last four years
Martin Lewis says anyone with a payment protection insurance (PPI) pay-out in the past four years could get hundreds of pounds extra.
PPI was widely mis-sold by banks, credit card providers and other firms for decades.
This led to a wave of payouts, with consumers getting around £38billion back.
The deadline to bring a new PPI claim closed in August 2019.