INCOME TAX – liability for higher rate tax on compensatory interest received from RBS under the interest rate hedging products redress scheme – terms of such scheme provide for relevant banks to compensate for consequential losses suffered – Appellants submit that they should not be responsible for paying this additional tax, at a higher rate than would have been payable if the misselling had not occurred, until they are put in funds by RBS – tax returns had been completed using white box space and tax calculation had not included these amounts – whether discovery assessment validly issued – held – discovery assessments valid – Appellants liable for tax assessed – appeals dismissed
Citations:
[2022] UKFTT 106 (TC)
Links:
Jurisdiction:
England and Wales
Income Tax
Updated: 07 May 2022; Ref: scu.675675