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Hi,
I came across a practice in the workbook but am unsure of the treatment. Can you provide some further info. The question is based on the below:
An individual received health insurance proceeds of £50,000 and is not an employee of an company nor self-employed and did not receive health insurance as a benefit. Do they need to declare the proceeds as Capital Gains tax or income tax or both? Would it be classified as savings income next year and each year after (if it is income tax)? Or are health insurance proceeds exempt from tax?
A question in the workbook will have an answer – if you have a question about that answer then let me know with full details of the question and the part of the answer that you do not understand – the term “health insurance proceeds” must surely be explained in the question but must not be confused with insurance proceeds received on the loss or destruction of an asset.
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