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Endowment compensation gross interest taxation
Paul_Bennett_2
Posts: 1 Newbie
Thanks for your great advise,we received compensation from Britannia last year for a missold endowment policy. They have now written to us stating that the gross interest part of the compensation may be liable to taxation and that they have notified the Tax Office.
Can this really be possible, surely the compensation is intended to help us pay the shortfall, can anyone advise?
Can this really be possible, surely the compensation is intended to help us pay the shortfall, can anyone advise?
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Comments
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Did you receive a return of premiums plus interest as your redress? If so, the interest will be taxable, in the normal way as savings interest.Trying to keep it simple...
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The redress payment includes interest and under UK law, interest is chargeable to tax.
It is not compensation.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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