Commentary

E1.410A FSCS payments representing interest

Personal and employment tax

E1.410A FSCS payments representing interest

E1.410A FSCS payments representing interest

The Financial Services Compensation Scheme is the fund of last resort for customers of authorised financial services firms. Where the Scheme makes payments representing the interest that would have been paid by the defaulting institution, the payment is treated in the same way as the interest that the institution would have paid had it not defaulted. This includes payment under deduction of a sum representing tax where appropriate1. Tax may be reclaimed, or tax at higher rate paid in the normal way.

See FA 2010 for regulation-making powers to deal with the

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