Anyone know if compensation received for damage to crops caused by a seismic survey is taxable income?
Cheers.
most random/obscure Q ever!
Suppose there's a teeny chance you won't have to pay a professional for a proper answer...
Thanks! I thought that too!
It's my wife who wants to know, she can't seem to find the answer and I told her you guys know everything!
🙂
I remember I had to ask if damages payable on a court claim were taxable. I hadn't a clue and don't remember the answer, probably I was a crap lawyer...
surely a tax expert will ensure you dont pay tax on something like that
they would be a bit pointless otherwise
That is very true!
Its income, so why wouldn't it be - and you'll have already offset the costs/loss etc.
I am a bit out of date and wouldn't advise professionally anymore but essentially, whatever the bizarre circumstances of the insurance claim, it is in simple terms compensation for loss of stock and therefore taxable as a receipt of the trade.
Thanks guys, she is well impressed with you!