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You may have to pay tax on PPI and CPP claims!

A successful claim is made up of compensation (based on the sum of the original payments you made) plus interest (the interest you would have earned if the cash you spent had instead been invested).

The compensation element of the payment is free from tax but the interest element will be taxable and hence should be declared on your personal tax return. HMRC will already have been notified of anyone who has received a claim.

Often tax will have been deducted at source from this amount, and no further liability will arise but that is not always the case and if you have received a payment you will need to carefully check the paperwork that you received and advise us accordingly.

Even if tax has been deducted at source the amount will need to be declared on your tax return.

Further if you do not prepare a tax return you may need to notify HMRC if an extra liability has arisen, or you may be entitled to a refund of tax paid.

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