Compensation paid to a person carrying on a property rental business for an interest rate swap mis-sold to him – whether the basic part of the compensation payable to him was taxable as income (because it was paid as compensation for revenue expenditure under the swap) or capital (because it was paid as compensation for the capital asset which would have been acquired by him instead if the swap had not been acquired) – held that the former was the case – whether the remaining part of the compensation payable to him, which was described as interest, was properly interest so called and taxable as such – yes
[2020] UKFTT 362 (TC)
Bailii
England and Wales
Income Tax
Updated: 01 January 2022; Ref: scu.654115