How much money will I receive? Is it taxable?
The total compensation figure you will receive depends upon the amount of electricity apparatus crossing or swinging over your property boundaries as well as the type and size of electricity line. Anything from 0.25% to circa 25% can be obtained.
The highest levels of impact would be from a 400kV National Grid pylon a few metres away in the garden. More mild impact could be just the cables crossing the boundaries within 50m to 200m away, for example. Every case is different as it has its own set of circumstances and as such we treat each claim individually.
If you have the cables from the large metal pylons crossing your boundaries and your property is located in an urban area you could receive up to 5% of your property’s value depending on how close the lines are to your house and the size of the lines. Higher settlements can sometimes be seen in rural locations.
Wooden pole claims
Claims for properties affected by electricity apparatus on wooden poles is a relatively new process. Progress has been made over the last 5 years and this firm is now able to obtain good settlements for the impact of cables and wooden poles. Please contact us without cost or obligation so we can discuss your situation and advise you of the best way forward.
Is my compensation payment taxable
In the vast majority of cases - no! No income or capital gains tax will be payable as long as the property that you are receiving the payment for is your main residence.
If the property is rented you may have to pay some capital gains tax but usually the settlement is still tax free due to annual allowances and other reliefs available. We advise our clients to contact their accountant for advice and to put them in touch with us free of charge to explain the nature of line settlements so they can advise you accordingly.
Please contact us or give one of our friendly team a call if you or your accountant want to discuss any of the above.