Receiving an unexpected sum of money is usually a nice surprise. But in some cases, that money might potentially be taxable, leaving you with a little less than you thought you might get. One of the most common questions asked about compensation relating to a negligence case for injury is this: “Is my personal injury compensation taxable?”
Perhaps this very question has been on your mind. Maybe you have even been hesitant about finding out more regarding a claim because of this issue. Allow us to put your mind at rest. You will be pleased to know the compensation received will not be taxable in any way.
What could you win?
It’s important to realise that an estimate of the amount you might potentially receive is only possible when you speak to an expert in this field. They will have the knowledge and experience to provide a rough estimate.
Additionally, while any interest received on anything given as compensation would be taxable in most cases, this is taken into account when calculating the compensation granted. This means you personally do not have to worry about paying tax on any amount you might eventually receive by way of compensation. Of course, if you have any questions regarding this matter, your personal injury lawyer will be able to clarify matters for you. That’s why they are there – to let you know what happens at each stage and to ensure you understand the precise nature of the claim and how it may progress.
Contact our team today
With your worries about personal injury compensation taxable questions out of the way, you can focus on finding out more about your own situation and how much you might reasonably be expected to receive. Of course, you have to determine whether you do actually have a case to be answered first, but that could be more straightforward than you may think.
The best course of action is to make one free phone call on 0800 689 0500, or 0333 500 0993 from a mobile. Why call this number? Simply because it puts you straight through to helpful advisors working at Accident Advice Helpline. Our team has received excellent training and knows how to deal with all manner of enquiries on this topic. They should be able to help you move towards the answers you seek regarding whatever accident and injury you have experienced in the past three years.
Category: Personal injury claims