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Lietuvių kalba What is compensation for tax disadvantage?
Compensation for tax disadvantage is one of several types of compensation you may be entitled to after having suffered a personal injury. Compensation for tax disadvantage is relevant for the compensation items future revenue loss, future additional expenses, future loss of ability to work at home as well as compensation for loss of breadwinner.
These compensation items are exempt from income tax, but tax will be incurred on future interest income and assets. It is this tax that the compensation for tax disadvantage is intended to compensate for.
When are you entitled to compensation for tax disadvantage?
If you receive compensation for one or more of the compensation items above, you must also have reimbursed the wealth tax you must pay as a result of receiving such compensation, as well as the capital tax you receive for the interest and compound interest income from this wealth.
Which accidents entitle you to compensation for tax disadvantage?
In liability cases such as occupational injuries, occupational disease, traffic accident, boating accident, plane crash and patient injury you will be entitled to compensation for tax disadvantage if you are entitled to compensation for future loss.
How do you calculate compensation for tax disadvantage?
The starting point is that the compensation for future loss of income and future expenses must first be calculated. The tax disadvantage is then calculated mathematically, based on the injured party's age, retirement age, remaining years of life and other assumptions.
How large is the tax disadvantage compensation?
The tax disadvantage is based on non-statutory rules, i.e. court practice and legal theory. The size of the tax disadvantage is largely standardised, and as a general rule it is currently around 20 per cent of the compensation for the future loss.
How is compensation for tax disadvantage paid?
Compensation for tax disadvantage is paid to the injured party as a lump sum.
Do I need a lawyer to claim compensation for a tax disadvantage?
Answer. Compensation for tax disadvantage is one of several compensation items you are entitled to in a so-called liability case. Such cases are often complicated both legally and medically. It is therefore necessary to contact a lawyer to clarify the insurance companies' liability and the financial consequences of this liability.
Do I have to pay for the lawyer myself to receive compensation for tax disadvantage?
No, in compensation cases following, for example, occupational injuries, occupational illnesses and traffic accidents, the insurance company will normally pay for your legal expenses.
Why should I choose Advokatfirmaet Halvorsen & Co?
Halvorsen & Co is one of Norway's largest and leading law firms specialising in tort law. Over almost 30 years, our clients have received billions of kroner in compensation.
We are nationwide, and only have specialised lawyers with extensive experience in compensation cases.
With us, you always get a free call to assess your case. Get in touch with us today.
