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Financial institutions’ savings income reporting to include PPI redress

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Financial institutions within HMRC’s savings income reporting regime must submit a new return under FA 2011 Sch 23 for the 2015/16 tax year, detailing the interest element of any compensation payments made to customers who were mis-sold payment protection insurance (PPI). The first ‘payment protection insurance: additional fully reportable countries’ (PPIAFRC) returns for the period starting on 6 April 2015 will be issued towards the end of February 2016 and must be submitted to HMRC by the end of June 2016. All EU member states are now listed as ‘additional fully reportable countries’. The return is to be completed, if there is anything to report, by those financial institutions that have to complete bank and building society interest (BBSI), other interest (OI) or European Union Savings Directive (EUSD) returns. See

Issue: 1284
Categories: News