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CGT - Insurance Proceeds

Coldplayer · 2015-03-14 16:44:40

Hi all Just a quick one re insurance compensation received with respect to a damaged asset. In a situation where you reinvest the proceeds in the asset you get relief on the capital sum. what is the situation where the compensation received is in excess of the sum required to restore the asset. for example, insurance co…

14-03-2015 4:44pm

#1

Coldplayer

Registered Users, Registered Users 2 Posts: 120 ✭✭

Join Date: December 2009

Posts: 105

Hi all

Just a quick one re insurance compensation received with respect to a damaged asset.

In a situation where you reinvest the proceeds in the asset you get relief on the capital sum. what is the situation where the compensation received is in excess of the sum required to restore the asset.

for example, insurance co pay you 110k, it costs 100k to restore the asset. what is tax consequences of the excess 10k?

Is this taxed as a gain?

Cheers

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