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Keyman Insurance Premiums

  • 01-12-2010 1:47pm
    #1
    BizAngel
    Registered Users, Registered Users 2 Posts: 48 ✭


    Are keyman insurance premiums (i.e. Allows a lump sum payment to a company in the event of the death or serious illness of a ket employee) allowable as a deduction in the company Corp tax calculation? My understanding was that they were and any lump sum received would also be taxable as income. Clarification appreciated....


Comments

  • #2
    DoMyBooks
    Registered Users, Registered Users 2 Posts: 355 ✭✭DoMyBooks


    Your correct subject to certain conditions keyman insurance is tax deductible and the monies from the claim are treated as a normal trading receipt so taxable.

    http://bit.ly/gN9TAw

    Hope this helps


  • #3
    BizAngel
    Registered Users, Registered Users 2 Posts: 48 ✭BizAngel


    DoMyBooks wrote: »
    Your correct subject to certain conditions keyman insurance is tax deductible and the monies from the claim are treated as a normal trading receipt so taxable.

    http://bit.ly/gN9TAw

    Hope this helps

    Thanks for your help...much appreciated


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