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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15332
Experience:  International tax
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I have received a compensation payout from the FSCS from a

Customer Question

I have received a compensation payout from the FSCS from a missold SIPP.Do I need to pay tax on this? the statement shows no interest payments added.
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello and thank you for allowing me to assist you.
Generally it is just the interest that would be taxable because the interest is paid above what the true amount was for the taxpayer. In other wards , the payment placed you back in the position you were before the action.
Unless there is interest to claim I do not see a taxable event for you.
TaxRobin and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

Many thanks for that.

Expert:  TaxRobin replied 2 years ago.
You are most welcome.My goal is to give you excellent service.

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