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Taxation Question
Jayjay filed a libel case against LJ for putting so much shame on him through unfounded and defamatory remarks. Jayjay was hospitalized due to the incident. As a result, LJ was ordered by the court to pay the following:
Hospital dues of P200,000
Actual Damages of P100,000
Exemplary damages of P50,000
Loss of income amounting to P300,000
Moral Damages of P100,000
7) How much is the taxable income of Jayjay
Hospital dues of P200,000
Actual Damages of P100,000
Exemplary damages of P50,000
Loss of income amounting to P300,000
Moral Damages of P100,000
7) How much is the taxable income of Jayjay
Answers
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There's not a lt of point asking legal/finance questions on this UK website if you're trying to do your homework in another country (as you clearly are). That's because our tax authorities might take a very different view of matters to those in your own country.
For what it's worth though, the only taxable income from your list under English law would be the P300,000 for loss of income.
For what it's worth though, the only taxable income from your list under English law would be the P300,000 for loss of income.
It appears not CHRIS, as the amount paid for loss of earnings is the nett amount, meaning tax has already been deducted.
However, since the tax would have been paid had the earnings been received in the normal way, I wonder if that has to be paid to HMRC by those paying the damages?
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However, since the tax would have been paid had the earnings been received in the normal way, I wonder if that has to be paid to HMRC by those paying the damages?
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