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Posted Mon, 10 Jun 2024 15:10:24 GMT by Alya
There has been damage to my property as a result of an escape of water. I claimed for the replacement of affected contents under my insurance policy. The Insurers made a payout in the tax year 2023-24. However, I can only purchase new items to replace the affected ones once the remedial works on the structure have been completed. How do I account for the insurance payout in the tax year 2023-24, considering that I expect to purchase the replacement items in the tax year 2024-25?
Posted Thu, 13 Jun 2024 14:11:48 GMT by HMRC Admin 20
lease refer to guidance at Property Income Manual PIM2110 - Deductions: main types of expense: insurance premiums and recoveries
Thank you.

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