Simple Interest

Massey, David Ian alexander orcid iconORCID: 0000-0002-6853-3845 and Lawton, Amy (2020) Simple Interest. Taxation, 186 (4766). pp. 12-15. ISSN 0040-0149

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Following the deadline for payment protection insurance claims, which passed last year, David Massey and Amy Lawton explain that tax problems can arise when compensation payments are made.

Key points
● Do not assume that the taxable element of a client’s PPI compensation payment will be trivial.
● Few individuals will have paid the correct tax.
● The payment received may not be the same as that shown in the documents.
● The time limit for repayment claims for 2016-17 is 5 April 2021.

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