christopher gregory

Hello, i am seeking advice on a building insurance pay out i received on a flat i own and am renting out. The flat is in a block and the service charge we pay includes building insurance. During 23-24 period, i had to make a claim on this insurance to pay for internal damage due to defective guttering during the heavy rains. I got quotes and the insurance company agreed and paid me the monies to get the repairs done. My question is whether this type of payment is defined and 'income' in my SA and then whether the amount paid for of the repairs, which occurred in the current financial year, are then defined as costs? Any advice on this would be greatly appreciated. chris