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The money you get paid back for PPI can have up to three main elements...
1. A refund of the Payment Protection Insurance you took out..
2. If the bank added an extra loan to your original loan just to pay for the PPI, you get back any interest you were charged on this extra loan.
3. You get statutory interest (at 8% a year, but not compounded) on the total of both those sums, for each year since you took out the PPI.
Of these, only the third element is liable to be taxed (usually at 20%). This is usually shown on the payout statement and this (depending on your personal circumstances) is what we can claim back for you from HMRC.
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