Individuals receiving compensation for mis-sold payment protection insurance (PPI) are unaware they may be liable to pay tax on awarded payments, after HMRC clarified its position on PPI and taxation.
HMRC has confirmed that more than three million tax refunds are to be sent out as of next week - two months earlier than previous years - due to an earlier review of the amount of tax paid for 2011/12 via the Pay As You Earn (PAYE) system.
