TaxPersonal TaxTax-free payouts for Holocaust victims

Tax-free payouts for Holocaust victims

Compensation paid by banks on unclaimed accounts opened by Holocaust victims and frozen during World War II, will be free of tax, the government has confirmed.

The concession was first announced in the House of Commons by paymaster general Dawn Primarolo in May last year. A list of account names was published soon afterwards on the ‘Restore UK’ website, an initiative launched by the British Bankers’ Association.

Primarolo said: ‘We have made sure that the families of Holocaust victims do not have to worry about tax when seeking to establish whether they have a valid claim.’

She urged those who think they may have a claim to visit the Restore UK website.

The exemption covers income tax as well as death duties. The BBA has invited original account holders or beneficiaries of their estate to submit a claim where they believe monies, held in a previously dormant account, belongs to them.

The BBA’s ‘Restore UK’ campaign was launched last year with the aim of re-uniting holocaust victims or their heirs with any money in bank accounts which has been unclaimed since World War II.

A list containing approximately 16,000 names of account holders can be viewed at the Restore UK website where a claim form can also be downloaded.

Links

Tax-free compensation for holocaust victims

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