Mis-sold pension compensation taxable?

savewhereican

I am being offered a lump sum payout as compensation for being mis-sold pension and i`m unsure if it is taxable.
I`ve looked on HMRC website but it is unclear to me.
Anyone got any info on this?

xylophone

http://www.hmrc.gov.uk/manuals/cgmanual/cg13083.htm
Does this help?

savewhereican

Does anyone have any information at all on this subject, albeit from previous experience/cases or anywhere?

My IFA, TPAS, and would you believe HMRC do not know if this is taxable!
After speaking to three people including two Technical staff at HMRC the best they can suggest is I write in to them with the details and they "will look into it".

In the meantime I continue with my only income of my state pension and the pension credit I receive.

Any comments would be appreciated.

atush

No1, who is paying you? they should know.

If being paid into your pension (the best/usual case)not taxed. If paid in cash perhaps. Resist any initial attempts to NOT pay it into your pension where it belongs.

Ask HMRC for written advice, not via phone, and give all details.

savewhereican

Perhaps I should add that I was only aware that something was amiss when I was about to buy an annuity on my 65th birthday earlier this year.