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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 9409
Experience:  FCCA FCMA CGMA ACIS
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My father passed away. He had a will probate was granted and

Customer Question

Hi
JA: Hello. How can I help?
Customer: My father passed away. He had a will probate was granted and a small inheritance tax paid. However there was a claim with fscs against an investment he made where he invested 200k but lost it. The fscs has now paid the 85k to me. Are there any tax liabilities?
JA: Have you talked to a tax professional about this?
Customer: No
JA: Anything else you want the Accountant to know before I connect you?
Customer: No
Submitted: 6 days ago.
Category: Tax
Expert:  bigduckontax replied 6 days ago.

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

This was compensation for losses and thus outside the scope of UK taxation.