Puzzled
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RE: Claiming tax paid on compensatory interest
Thank you for the help. ;) -
Claiming tax paid on compensatory interest
Hi My car insurer sent me some money in this tax year (24/25) as an additional payment for a claim I had made (and been paid out for) in the tax year 2022/23. Naturally the company gave me compensatory interest on the amount they should have paid me originally, and then took off the tax on the interest at 8% as per the rules. I know I need to use Form R40 to claim the tax paid back. My question is this - is my claim relating to this tax year (24/25) as this is when they paid me, or is it for the tax year 2022/23, which is when the claim was settled? Thanks