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Been says: 22 May 2016 at 12:05 My husband was killed in a motorbike accident by a drunk driver. I am awaiting a settlement from the Road Accident Fund and I have a few questions please. 1. Will I be taxed on the amount paid out to me for my kids and I 2a. Will the fund deduct the amount before the payout? 2b. Or must I pay it afterwards and how does that work? 3. How much is the tax? I was 26 when he was killed, and my kids 3years and 8 months respectively... I am scared the government made me wait all this time for my money and now they want half of it! |
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TaxTim says: 22 May 2016 at 22:00 I am sorry to hear of your loss. RAF payments are not taxable as they are seen to be insurance similar to a life policy. |
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