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Tax due on compensation?
exharris
Posts: 61
Forumite
in Cutting tax
My father died a few years ago and I'm his sole beneficiary and was executor. I had a letter from Halifax yesterday (addressed to the executor of the estate) saying he was misadvised about an old investment (a PIP ; personal investment plan). They said they are offering the estate £20k in compensation. This came as a big surprise as although I was aware of my father's investment, it was settled years before his death.
I phoned them and they said it's genuine. However, does this count as income tax for me, or is it a part of his estate and therefore subject to IHT? He was way under the IHT limit so if so I think no tax due?
I phoned them and they said it's genuine. However, does this count as income tax for me, or is it a part of his estate and therefore subject to IHT? He was way under the IHT limit so if so I think no tax due?
0
Comments
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It's part of his estate.Signature removed for peace of mind0
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No tax payable involved . Good old dad , still looking afor you x enjoy your windfallmake the most of it, we are only here for the weekend.
and we will never, ever return.0
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