PPI tax reclaim calculator for UK refund recipients

PPI Tax Reclaim Calculator

Last updated: 1 May 2026

Banks automatically deducted 20% tax from the statutory interest part of every PPI compensation payout — even from people who didn’t owe a penny in tax. If you received a PPI refund any time in the last 4 tax years, there’s a good chance HMRC owes you that money back. The Personal Savings Allowance (introduced April 2016) means most basic-rate taxpayers can earn £1,000 of interest a year tax-free. That includes the statutory interest on PPI payouts. So if your bank deducted tax on it, you can reclaim it — using HMRC’s free R40 form. You have 4 years from the end of the tax year to claim, so PPI payouts received in 2022/23 must be claimed by 5 April 2027.

PPI Tax Reclaim Calculator

Find out how much HMRC may owe you — in 30 seconds.

Look at your bank’s final response letter. It shows the breakdown — refund of premiums, interest paid on premiums, and statutory interest (8%). Enter the statutory interest figure only.
Also on the letter — usually 20% of the statutory interest. If you can’t find it, leave blank and we’ll estimate.
Non-taxpayer
Basic (20%)
Higher (40%+)
Non-taxpayer = total income under £12,570. Basic rate = £12,570–£50,270. Higher rate = above £50,270.
Bank/building society interest from regular savings accounts in the same tax year. Enter 0 if none or unsure.
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If you had multiple payouts spread across different tax years, count each separate year. The earliest you can now claim is 2022/23.

This is an estimate based on standard 2026/27 PSA rules. Your actual refund depends on your full tax position for each year. HMRC requires the bank’s final response letter as evidence.

✓ Free to use · ✓ No sign-up · ✓ No personal data stored · ✓ Updated for 2026/27 tax year

Ready to claim?

Apply directly to the official UK government source — no fees, no middlemen.

Apply on GOV.UK →

Frequently asked questions

Can I still claim PPI tax back?

Yes — even though the PPI claims deadline passed, the tax deducted from PPI payouts can still be reclaimed. The deadline to claim depends on the year your PPI was paid out.

How much PPI tax can I get back?

Most people get back £100 to £300, but larger PPI payouts can mean refunds of £500+. The amount depends on the 8% statutory interest portion of your PPI payout.

Do I need my old PPI paperwork?

You will need either the final response letter from your bank/lender or a tax certificate showing the gross PPI amount and the 20% tax deducted.