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We act for a client who runs a couple of retail stores in different parts of the country. Shortly before Christmas, our client took the cash from one store intending to deposit it at the bank. However, due to delays, he decided instead to take the cash home intending to leave it in the safe over the holiday period. Unfortunately, whilst at a motorway service station, his case was stolen and the money was lost. The business insurance policy will not pay out because of the facts of the theft and our client's solicitor suspects that the wording of the policy supports its stance.
We act for a client who runs a couple of retail stores in different parts of the country. Shortly before Christmas our client took the cash from one store intending to deposit it at the bank. However due to delays he decided instead to take the cash home intending to leave it in the safe over the holiday period. Unfortunately whilst at a motorway service station his case was stolen and the money was lost. The business insurance policy will not pay out because of the facts of the theft and our client's solicitor suspects that the wording of the policy supports its stance.
The question we have for Taxation readers is whether there is tax relief (income tax and VAT) in respect of the sum lost.
Query T16 771 — Raish.
Reply by Hodgy:
In terms of income tax relief the main potential...
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