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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.