Payment protection insurance

Payment protection insurance

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My client had a successful small business. He took out a bank loan and had to pay PPI premiums as a condition of getting the loan. The premiums totalled £12000 over 5 years, and he went out of business in due course due to cash flow problems. He is hoping to get the PPI premiums refunded, as the insurance was missold since it did not apply to self-employed people. His solicitor has advised him to claim compensation for the loss of his business from the bank, and believes about £35000 should be forthcoming (no win, no fees). If he does get such a lump sum will it be taxable?

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