A potential client has raised the question of the UK tax treatment of compensation received from the North Cyprus Immovable Property Commission. The comission was set up to consider claims from dispossessed Greek Cypriots, following the informal partition of the island in 1974. TheThe ttThe c
The potential client is both UK resident and domicled but her deceased husband owned part of a business in Cyprus on which the claim is made. It now appears likely that a compensation payment will be made later in the year and the compensation is likly to be very substantial.
Can anyone offer any comments on the likely UK tax implications in respect of the receipt of this compensation.