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HMRC has seen a significant increase in PPI taxed interest repayment requests from agents.
To speed up the processing time of applications, HMRC is developing an IT solution to automate the processing of some PPI taxed interest repayment applications.
It is advising agents to submit their applications this way:
Claims should be posted to the new dedicated PPI tax interest reclaims address:
PPI tax interest claims
HM Revenue and Customs
BX9 1ZR
The automated service is reliant on receipt of a standard application. The HMRC expects automation of these forms to begin in late Spring.
It has warned that any applications not received in the correct format will not go through automation and will take longer to process.