My bank paid me some compensation due to their mismanagement of my account. Is it taxable?
It depends on whether the compensation relates to your business or private bank account. A payment in connection with your private account is a personal matter and is not taxable. If the payment was made in connection with your business bank account, and as a result of a claim being made to the bank, then it is a trading receipt and is taxable as part of your business. If the compensation payment was made without being asked for, (very unlikely from a bank) it may not be a trade receipt, and thus not be taxable unless was paid to replace an asset that was lost or destroyed.
