Clause 33

Part of Finance Bill – in a Public Bill Committee at 11:00 am on 9th June 2009.

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Photo of Mark Hoban Mark Hoban Shadow Minister (Treasury) 11:00 am, 9th June 2009

The clause affects the tax treatment of payments made by the FSCS. While the amount of compensation is a matter for the FSCS, where the payment received by the depositor is less than the amount they originally deposited, is it possible to treat the interest payable as being effectively not subject to tax because they have lost so much money? Should not the interest be seen as a form of compensation rather than a receipt to be taxed?