Why do I pay tax on my PPI refund?

Paying tax on my PPI refund – Why is there tax deducted from my PPI interest payment?

If your bank has agreed to your PPI complaint they will provide you with a full breakdown of the refund calculation.

The total of your premiums will be shown in the calculation along with any interest that you have been given on that total. The standard practice is for banks to apply an 8% simple interest on your total PPI premiums. Continue reading