Under current rules, tax is due on all compensation payments, except for those for pension mis-selling or personal injury claims.
At present accountants fear that many people who receive compensation payouts are unaware of the tax demands on them, the Daily Telegraph reported.
The rate is 20% for basic rate taxpayers and 40% for higher rate taxpayers.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy