Lee Sharpe looks at insurance and compensation costs and how related claims should be dealt with for tax purposes.
This article looks at the tax treatment of business insurance expenses and claim proceeds; also, the related proceeds that might arise from a mis-selling claim, as they are closely related. This is primarily considered from the perspective of income tax and non-corporates.
Insuring business risks
HMRC’s Property Income Manual at PIM2110 happily allows that landlords should be able to claim relief for premiums paid to cover:
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buildings;
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contents; and
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loss of rents or loss of profits due to business interruption.
This should apply not just when properties are actually being let, but also during void
