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A new point has arisen, which we must ask clients to watch when compiling
the
information for their annual Tax Return. Compensation for mis-sold endowment
policies
and other investments may include an element of interest - the most straightforward
example is where an insurance company simply refunds the premiums paid,
plus interest.
Such interest is taxable ( except in the case of mis-sold pension plans,
for which there
is a statutory exemption) and so should be declared on the investor's
Tax Return. So if
you have received this kind of interest, we need to know about it. If
you have received a
compensation payment but are not sure whether it includes interest, we
shall need to see
the relevant documentation.
If you feel you may have a problem with this issue and wish to discuss
it call
Stuart Atkinson on 01482 226791
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