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Will our compensation be taxable?
knightstyle
Posts: 7,359 Forumite
in Cutting tax
Hi everyone, have had a look but cannot find an answer.
We should be getting compensation from the Environment Agency for disruption caused by flood defense improvements. This is to compensate us for loss of income from a house used for holiday lets, and for disruption to us whilst we are living there. Our letting income is taxable so will the compensation be taxed? If so is it a set rate or is it added to our income and taxed normally?
We should be getting compensation from the Environment Agency for disruption caused by flood defense improvements. This is to compensate us for loss of income from a house used for holiday lets, and for disruption to us whilst we are living there. Our letting income is taxable so will the compensation be taxed? If so is it a set rate or is it added to our income and taxed normally?
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