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CheckLists.Tax (beta)
N1. Sale of insurance
- Permanent health insurance v. accident/sickness insurance
- Policies of not less than 5 years are regulated as permanent health insurance (permanent because of the duration of the contract).
- Policies of less than 5 years are regulated as general insurance, accident or sickness.
Legislation:
Cases:
HMRC manuals:
IPTM6155 - Sickness disability and unemployment insurance: the regulatory position;
Commentary:
See also:
- Permanent health insurance v. accident/sickness insurance
- Mutual insurance
- Excess of amounts received over indemnities paid did not constitute profits liable to income tax in Richard Evans and Co Ltd.
Legislation:
Cases: Thomas v Richard Evans and Co Ltd (1927) 11 TC 790 (CoA);
HMRC manuals:
Commentary:
See also:
- Mutual insurance
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