Generally, no tax is due on the compensation element of payments received due to mis-sold payment protection insurance, HMRC said in a guidance note. However, the additional interest is taxable. The guidance sets out what recipients need to do and invites those with specific queries to contact a helpline. See www.lexisurl.com/Sm32u.
Generally, no tax is due on the compensation element of payments received due to mis-sold payment protection insurance, HMRC said in a guidance note. However, the additional interest is taxable. The guidance sets out what recipients need to do and invites those with specific queries to contact a helpline. See www.lexisurl.com/Sm32u.
