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Tax treatment of insurance proceeds for destroyed assets

Publication date: 08 Sep 14 | Source: INTAX

Issue: July 2014

Pages: pp 18-19

Abstract:

When an asset is unexpectedly destroyed, taxpayers are usually focused on maximising insurance entitlements under their policy and the tax treatment of the proceeds can be an afterthought. This article discusses how the insurance proceeds received will be treated for tax when an asset is destroyed. This will help taxpayers with options in determining how to best apply proceeds to their advantage. This article will run through a case study concerning a warehouse destroyed by fire.

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Author profile

Clive Bird CTA
Clive is a Tax Partner with William Buck. - Current at 09 June 2004
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