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Millions face unexpected tax bill over PPI

Money changing hands
BBC Radio 4's Money Box
Saturday, 12th November 2011 at 1204 GMT On Radio 4 and Online

Millions face an unexpected tax bill over PPI compensation. Customers who have waited weeks, sometimes months for their money will have to pay tax on the interest they receive. It was agreed with the regulator - the FSA - that victims of PPI mis-selling would receive interest at 8% - but that could come down significantly after the revenue have had their cut.

If you want to contact HMRC regarding tax on PPI contact the Income Tax enquiry line on 0845 300 0627 or write to PO Box 1970, Liverpool L75 1WX.


Landmark ruling on property rights of unmarried couples

A landmark judgement raises major questions over unmarried couples property rights. This week the Supreme Court ruled that a man who broke up with his partner is not entitled to half the value of the house they had jointly owned.

Ms J and Mr K lived together for more than eight years and had two children. In 1993 Mr K moved out. They cashed in an insurance policy so he could put a deposit down on a home of his own. Ms J lived in the joint home, paid the mortgage and supported the children. Fifteen years later Mr K said he wanted half the value of the property. The Court of Appeal said that he was a joint owner, albeit absent, and that he was therefore entitled to half. The Supreme Court disagreed and awarded him just 10%.

So what are the implications for unmarried couples and does the law need clarifying? Paul Lewis is joined by Shashi Sachdeva, partner with Thomas Eggar and specialist in family law.


Online banking problems

Banking online is becoming increasingly popular. 25 million current account holders now use the internet to manage their money. It's not just the younger generation doing it either - 70% of people over the age of 55 now use internet banking.

But according to some HSBC customers that have contacted the programme the process has become a lot more difficult. We hear from one angry customer and Paul talks to Sandra Quinn from UK Payments Council and David Bannister, editor of Banking Technology magazine.

No more free flights for Airmiles customers

Airmiles are due to change this week meaning they will no longer be redeemable for completely free flights. Customers booking online have until a minute to midnight on Monday to cash them in before they are exchanged for a brand new product, Avios. If you book over the phone you will have until 8pm on 15 December. The new Avios points will only buy you the flight and can't be redeemed for "taxes, fees and charges". Travel journalist Simon Calder will fill us in on all the details.

BBC Radio 4's Money Box is broadcast on Saturday at 1204 GMT and repeated on Sunday at 2102 GMT.

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