PPI News - Taxman hits the PPI jackpot | Gladstone Brookes

PPI News – Taxman hits the PPI jackpot

Taxman hits the PPI jackpot

The taxman looks set to reap millions of pounds from compensation payouts to Britain’s bankrupts.

The Official Receiver’s job is to recover money to pay off a bankrupt’s debts and HM Revenue and Customs (HMRC) is a creditor like any other.

Tens of thousands of claims

It has emerged that banks have received tens of thousands of claims from the Official Receiver for mis-sold PPI before the final deadline of August 29th.

An industry spokesman said: “We’ve had a notable, reasonably large number of complaints from the official receiver.

They’re able to put in information requests and complaints on behalf of creditors, and all the banks have been sent large numbers.”

Back taxes

It is believed that many of the claims are in respect of people who owe back taxes which will be payable to HMRC as a creditor.

A spokesman for the Official Receiver said: “We have submitted claims on behalf of bankruptcy estates we are managing to ensure creditors in those estates receive any compensation available.

We do not have information as to the number of claims submitted or the likely value.”

Rules

Under bankruptcy rules the Official Receiver can claim any compensation payable to someone who has been mis-sold a PPI policy and later went bankrupt.

Three of the banks who have increased their PPI pots – Lloyds Banking Group (LBG), Royal Bank Of Scotland (RBS) and CYBG (Clydesdale Yorkshire Bank) have all said that paying out the Receiver would account for a sizeable chunk of their provision

Figures

No-one is prepared to give accurate figures of how many such claims have been made, but the Insolvency Service said there were 507,682 bankruptcies between 2000 and 2010 when mis-selling was at its height.

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