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Is tax payable on PPI refund

I have heard conflicting views on the above and would like to get other peoples thoughts on this. Is tax payable on the interest element of a refund of miss old payment protection insurance (PPI) or even on the whole amount refunded?

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Not on the refund

but on the interest

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Previous transaction

Doesn't it depend whether you claimed any tax relief on the original payments related to the elements refunded?

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