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Tax guides

  1. 01Is car finance compensation taxable?
  2. 02The Personal Savings Allowance
  3. 03Which tax year it counts in
  4. 04Reading your compensation letter
  5. 05What is an R40 form?
  6. 06Non-taxpayers
  7. 07Pensioners
  8. 08Starting rate for savings
  9. 09Higher-rate taxpayers
  10. 10More than one payout
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Tax Repayments · a trading name of Rebate Gateway Limited

Tax back on MotoNovo Finance car finance compensation

Lender guide · Specialist MotoNovo Finance · part of Aldermore (FirstRand)
Quick answer

If MotoNovo Finance paid you compensation with interest, it will normally have taken income tax off the interest (22% on payments from April 2027). Basic-rate and non-taxpayers can usually get that tax back from HMRC, and we handle the claim for you.

By , Finance Editor Last checked 3 October 2026 · Sources listed below

Estimate your MotoNovo rebate

Estimated repayment —
Get my full estimate Estimate before fees. Paid in more than one tax year? The full estimate lets you add each payment.
Parent groupAldermore (FirstRand)
Lender typeSpecialist
Motor finance provision£153.2m
Agreements in FCA scheme6 Apr 2007 – 1 Nov 2024

About MotoNovo Finance

MotoNovo Finance is a Cardiff-based car finance provider owned by Aldermore, the UK bank of South Africa’s FirstRand group. It has also been a trading name of FirstRand Bank’s London branch, so your paperwork may show either name. Its agreements, commonly hire purchase or PCP, are usually arranged by the dealer at the point of sale.

Two of the three car finance cases decided by the Supreme Court in August 2025 involved MotoNovo. In one, Johnson v FirstRand, the court found the relationship with the customer unfair and ordered the commission to be repaid with interest.

What MotoNovo took off your payout

Compensation is usually made up of three parts. Only one of them is what we reclaim.

1 · RedressThe commission or interest you overpaid. This part isn’t taxed.
2 · InterestAdded for the time you were without the money. This is taxed.
3 · Tax deductedUsually 22% of the interest on payments from April 2027. This is what we get back for you.

Can I claim?

  1. MotoNovo Finance paid you compensation, under the FCA scheme, after a complaint or through the Financial Ombudsman.
  2. The compensation included interest, with tax deducted.
  3. You were a basic-rate or non-taxpayer in the tax year you were paid.

MotoNovo questions

Will claiming affect my MotoNovo Finance compensation?

No. The rebate is a separate claim to HMRC. MotoNovo Finance isn’t involved and your compensation doesn’t change.

I had more than one MotoNovo agreement

Every payout you received in the same tax year goes into one claim, including payouts from other lenders.

MotoNovo hasn’t paid me yet

Reserve your rebate now. We’ll tell you when payments start and file for the right tax year once you’re paid.

My letter doesn’t show any tax deducted

If no tax was deducted, there’s nothing to reclaim. If you’re not sure, our case team can check it for you at no cost.

What do you do for me?

We check what you’re owed, work out the right tax year, prepare and submit the claim to HMRC as your agent, deal with any questions and send you the balance after our fees.

Sources

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