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Endowment Mis-Selling
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Endowment News
Is compensation for Endownment mis-selling taxable?
According to the latest report from the Financial Services Ombudsman, endowment compensation is not subject to either income or capital gains tax. But if you receive compensation for delays by a financial institution in paying out money, this is generally regarded by the taxman as an interest payment and is usually subject to income tax.
Full details can be found at www.financialombudsman.org.uk/publications/index.htm.
Lloyds TSB have recently made a £100 million provision in their accounts for endowment mis-selling claims.
Click here to register.
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