Does this count as part of taxable income?

B0bbyEwing

https://forums.moneysavingexpert.com/discussion/comment/81924074#Comment_81924074

Yeah I was aware of that one.

The purpose of this question would've been that if I was looking at possibly tipping over that mark then the follow up would've been are there any legal ways to avoid that.

Unless I'm wrong (possible) then one way would be salary sacrifice? But even if that's so, I don't think my employer is on board with that, so I would've had to have asked about if there's other options.

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81924100#Comment_81924100

Relief at source pension contributions and Gift Aid donations both increase your basic rate band.

Jeremy535897

Compensation for a personal injury is not taxable in the UK. To recognise this, the compensation for loss of earnings element is calculated net of whatever tax you would have paid if you actually had earned the money (known as the Gourley principle). Any SSP paid by your employer will be deducted from the amount of the claim. The compensation for the suffering caused by the injury itself is exempt.

B0bbyEwing

https://forums.moneysavingexpert.com/discussion/comment/81924140#Comment_81924140

Thanks.

Yes the SSP was indeed deducted.

B0bbyEwing

For anyone who ever may find this thread & be in the same situation -

Once you call the tax number & wait the lifetime to speak to a human, they told me the exact figures of interest paid on each account, the last 4 digits of each account. The only thing that makes you do a bit of leg work is they only see the parent bank - for example my First Direct interest they told me was a HSBC account, which was fine because I knew it was a FD account.

But as I've never been with Natwest I now have some digging to do when I finish work as the figure they gave me is nonsense.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81924429#Comment_81924429

NatWest has a few brands; could it be Ulster Bank?

SiliconChip

https://forums.moneysavingexpert.com/discussion/comment/81924429#Comment_81924429

Have you posted this in the right thread? it seems to be about confirming the interest figures that have been submitted to HMRC rather than possible tax on your compensation payment.