Budget 2009 _ Financial Services Compensation Scheme Payments
Published / Last Updated on 22/04/2009
Budget 2009 - Financial Services Compensation Scheme Payments
The taxation of payments of interest made by the Financial Services Compensation Scheme to individuals where a financial institution defaults are to be clarified.
Currently, where interest forms part of a compensation payment the FSCS treats the interest as needing to have tax deducted.
Legislation to be introduced through the Finance Bill 2009 will ensure that individuals receiving interest will also receive written confirmation of the gross, net and tax deducted, enabling non-taxpayers to reclaim some or all of the tax deducted.
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