IRHPs

Victims of missold interest rate hedging products (IRHPs) must declare compensation payments, HMRC have stressed.

Some taxpayers became entitled to redress payments following a review in light of failings identified by the Financial Conduct Authority in the way banks sold IRHPs to firms taking out business loans.

The bank calculates each payment based on analysis of the sales process. The figure comprise up to three elements: basic redress, compensatory interest and consequential losses.