tax question

jules1973

I have to pay tax on £1800 of my PPI claim. I still have £2200 left of my tax allowance of this year and of course it would be great if I could include it in this year's.

Does anyone know if it is when you receive your offer, or when it has been paid?

I know if you earn income, it is the date when you invoiced for it that you declare it, not when you actually received it.

[Deleted User]

jules1973 wrote: »

Does anyone know if it is when you receive your offer, or when it has been paid?

You'll have to contact the Tax Office to be sure, but I think it doesn't become taxable income until it's paid.

Mikeyorks

jules1973 wrote: »

Does anyone know if it is when you receive your offer, or when it has been paid?

It's interest - so it falls into the tax year for the date it is paid, not when its accrued.