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ISA manager compensation payments for ISA tax purposes.
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Ogre_De_Flamme
Posts: 98 Forumite
Do any forum users have experience of how compensation, missed interest, rectified mistakes in the form of money etc are treated by HMRC ISA rules.
Cheers!
Cheers!
0
Comments
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Depends entirely on the individual situation.0
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Normal recompense would be loss of tax-free allowance for example, say the rate was 5.00% that you lost out on subscribing, then 20% or 40% of that dependent on your tax status for say five years would be fair settlement.
What you need to remember is that you have only lost out on one years tax year allowance, as ISA's appear to be open ended, e.g no maturity dates, or fixed terms investments it would be hard to try to claim more than lost tax-free allowance, possibly you could claim a small a GOGW on top as well for inconvenience and distress.0
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