2007-02-26 21:41:38 · 7 answers · asked by hay hoe 1 in Business & Finance ➔ Taxes ➔ United Kingdom
nope you get to keep it all
2007-02-26 21:44:48 · answer #1 · answered by Sheepy 4 · 0⤊ 0⤋
If the award is for personal injury it is not taxable. If the award specifically covers loss of profits in a trade, it is taxable.
I once had a client who was a shareholder of a small company. She hurt her knee on a desk drawer at work. Her husband had the bright idea of her sueing the company (HER company!) and getting tax-free compensation. The company would also have received a corporation tax deduction. It was all perfectly legal but he decided not to pursue it.
2007-02-26 22:32:05 · answer #2 · answered by skip 6 · 1⤊ 1⤋
Sick pay or injury pay is usually not taxable, however, it might depend on who's paying! Are you a salaried employee? Or, are you collecting benefits through insurance? If it's the latter, then you only receive a percentage of your weekly pay and it is not taxable.
2007-02-26 21:50:14 · answer #3 · answered by goaltender 4 · 0⤊ 0⤋
Am I correct in thinking that you have received a lump sum compensation as opposed to a weekly `pension` ? If so the answer is no, it is tax free, but of course once you deposit it in a bank you will have to pay tax on the interest that it earns.
2007-02-26 21:58:21 · answer #4 · answered by Social Science Lady 7 · 0⤊ 0⤋
Any award made by a Court is not taxable in the UK.
2007-02-26 22:04:21 · answer #5 · answered by fengirl2 7 · 1⤊ 0⤋
hi we are a claims administration organisation who specialise in aspects collectively with this. before everything do no longer settle for the £4 hundred. As you assert it extremely is Tesco accepting criminal accountability. As your lady buddy is having themes and seeing her popular practitioner, there's achievable she might go through greater from this harm. in case you agree for this fee Tesco may well be freed from any extra accountability. Them soliciting on your national coverage extensive type is in basic terms protocol, we'd additionally ask for this in case you claimed with us. whilst they register it with the DWP, your attractiveness of their reimbursement would be registered, prohibiting you from claiming back. this won't propose which you would be able to pay tax on your reimbursement. i might propose you seek for criminal suggestion as you should be due £one thousand's in reimbursement. i'm hoping this has helped and that i'm happy to respond to to any extent further questions you will have.
2016-11-26 01:41:32 · answer #6 · answered by ? 4 · 0⤊ 0⤋
YOU ARE SUPPOSED TO INFORM THE TAX OFFICE OF ANY EXTRA INCOME YOU RECIEVE, .
2007-02-26 21:52:43 · answer #7 · answered by aunty m 4 · 0⤊ 3⤋