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Mis selling isa compensation and tax
Roegreen1970
Posts: 1 Newbie
Hi there. I am after advice on compensation I received for mis selling of an investment isa. I received money last year as compensation dating back many years. The compensation was taxed by the bank. I feel like this should go on my self assessment for the year but am not sure where to show it, any ideas? Many thanks Mike
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Comments
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If the compensation includes an interest payment, then they should provide you with a tax deduction certificate and you would declare this with your other savings interest. If you've received compensation to refund a loss you've experienced than that part should not have been subject to income tax.
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