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bigduckontax, Accountant
Category: Tax
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The property that weve rented 20 years has been

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the property that weve rented for over 20 years has been sold and the new owners have offered to pay us to move out, do we need to pay tax on the 'damage ' payment that they offer us?
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.
This is compensation for the termination of a tenancy, effectively a form of liquidated damages. It is thus, in my opinion, not income which requires to be declared on your self assessment tax return, if you even have to make one.
I do hope that I have set your mind at rest on this matter.
I see that you have asked for a telephone call on this subject on another thread. As I am answering this question from a time zone seven hours ahead of GMT this is not really practical. However I am on 006625854819.
I have opted out following a conversation with the customer on another thread.
bigduckontax and other Tax Specialists are ready to help you
You should not have paid me for this question, I opted out to enable another expert to give you a second opinion. As it is recorded as paid mot unreasonably no one will bother now!
Please get on to Just Answer Admin to recover the money from me.