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Vol 21 No 10 Oct/Nov 2016

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Criminal Injuries Compensation Claims

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Tax for Litigation Lawyers

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ISBN13: 9780414012288
ISBN: 0414012283
Published: September 2000
Publisher: W. Green
Country of Publication: UK
Format: Hardback
Price: Out of print



The first practical sourcebook for solicitors and advocates involved in cases with a financial award element. It provides vital guidance on dealing with the taxation implications of financial awards made by the courts. Issues of income tax, capital gains tax and VAT can all arise when payments are made by one party to the other in the course of litigation. Some of these issues are well known; others are less well understood.

This book addresses in a clear and accessible way such questions as, is tax payable by the recipient of a sum paid by the other party to the action? If the payment is taxable, how much tax will be due? Will the payment be tax deductible from the point of view of the payer? There are specific chapters on payments arising out of employment, and on payments in the context of separation and divorce. Although the book is written from the Scottish perspective, the underlying law is equally applicable to lawyers south of the border.

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Contents:
* Capital income distinction * Taxation and quantification of loss * Capital gains tax * Contract * Damages and compensation from the payer's perspective * Particular types of loss * Interest * Practical aspects * Employment * Taxation on separation and divorce * Value added tax