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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5028
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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1. compensation - are these taxable, even if

Resolved Question:

1. compensation for accidents - are these taxable, even if received from outside the uk
2. buy to let property - if this is the only property owned by that person, is the profit on sale subject to capital gains tax.
Submitted: 2 years ago.
Category: Tax
Expert: replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

Compensation or damages awarded for personal injury frpm accidents is non taxable.

Capital gain from sale of a buy to let property, albeit the only property owned by a person, is chargeable to CGT. You have to live in the property as your main residence to claim private residence relief against CGT.

I hope this is helpful and answers your question.

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Expert: replied 2 years ago.
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