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Tax back on Specialist Motor Finance car finance compensation

Lender guide · Specialist Specialist Motor Finance · part of Specialist Motor Finance Group Limited
Quick answer

If Specialist Motor Finance paid you compensation with interest, it will normally have taken 20% income tax off the interest. 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

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Parent groupSpecialist Motor Finance Group Limited
Lender typeSpecialist
Motor finance provisionNot published
Agreements in FCA scheme6 Apr 2007 – 1 Nov 2024

About Specialist Motor Finance

Specialist Motor Finance is a Solihull car finance lender, known until 2010 as I.M. Financial Services. It is owned by Specialist Motor Finance Group Limited, which has been controlled by Lord Robert Edmiston since the end of 2022. It lends on used cars, including through hire purchase, usually arranged by the dealer when the car is bought.

Agreements taken out with it between 2007 and 2024 may be covered by the FCA’s compensation scheme for car finance commission.

What Specialist Motor Finance 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 20% of the interest. This is what we get back for you.

Can I claim?

  1. Specialist Motor 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.

Specialist Motor Finance questions

Will claiming affect my Specialist Motor Finance compensation?

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

I had more than one Specialist Motor Finance agreement

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

Specialist Motor Finance 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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