Businesses start receiving swap redress offers | AccountingWEB

Businesses start receiving swap redress offers

The first redresses for those mis-sold interest rate hedging products (IRHPs) have been made under the FCA scheme, the authority announced.

Ten out of 210 offers of compensation from banks worth £500,000 were accepted by businesses as of the end of August, the FCA said in a report.

But it added that it expects this figure to “increase rapidly” over the next few months as 1,700 more offers will be sent out shortly.

The scheme has been criticised for being too...


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stevedpearce's picture

tax treatment?    3 thanks

stevedpearce | | Permalink

Client has received lump sum compensation based on the historic interest charges....partnership business.....if taxable it will be at higher rates but the original deductions were at basic rate ....any official line on the tax treatment?

Tax treatment

J.Howard | | Permalink

My client, a limited company, has been told that if their refund could be termed compensation, there would be no corporation tax payable on it. When they received tax relief on the initial payment of the charges, how can this be? Thanks