Will your UK damages be taxable? – OUT-LAW.com
‘Awards and settlements in commercial disputes can be taxable in the claimant’s hands. The tax treatment of damages should be considered at an early stage as this may need to be factored into the amount claimed. Tax also needs to be considered in settlement negotiations to ensure the offer is enough.’
OUT-LAW.com, 11th October 2022
Source: www.pinsentmasons.com