Do you have to pay taxes on Injury Compensation Bolton?

Being involved in an accident can set you back physically, emotionally and even financially. You are left with injuries that may take days, weeks, months or even years to recover from. The recovery alone may leave you incapable of working for some time adding to the financial burden of having to pay to medical treatments. Regardless of the pain suffering, the emotional set back of such an injury is even more immense when you consider the fact that the accident was not your fault. Fortunately, the law is on your side and if you really are a non-fault accident victim you may receive full injury compensation Bolton. However, there is one question that always comes to mind regarding these compensations…are they taxable?

Fortunately, the law states that the following are exempted from tax:-

-         Amount paid as Injury Compensation Bolton either paid out as a lump sum or over a time is exempt from tax. It does not matter of this money was awarded by court or through an out of court settlement.

-         Any interest that has accumulated up to the time of judgement awarded by a court as compensation for damages for personal injuries. Such interest may be allowed starting from the time of the accident to the date of the award of injury compensation Bolton.

For making an Injury compensationBolton you are more than welcome to get in touch with the experts at Adamsons Law by phone on 01204 221111 or email enquiries@adamsonslaw.co.uk.