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BIM45850 | Specific deductions: losses: contents

From HM Revenue & Customs · Business Income Manual

Taxpayers may suffer losses from a variety of causes, including:

  • theft (by customers and/or staff)

  • damage by fire, flood or other agency

  • bank failure

If such a loss arises in the normal course of trading, it is an allowable deduction. Insurance (or other) recoveries in respect of such losses are taxable.

This chapter covers:

Contents6 entries

  1. BIM45851Specific deductions: losses: of stock or cash by fire etc
  2. BIM45855Specific deductions: losses: defalcation by employee
  3. BIM45860Specific deductions: losses: due to bank failure
  4. BIM45865Specific deductions: losses: sub-postmasters cash deficiencies
  5. BIM45870Specific deductions: losses: when to make deduction
  6. BIM45875Specific deductions: losses: foreign exchange gains and losses