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HMRC internal manual

Business Income Manual

HM Revenue & Customs
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Specific deductions: insurance: fixed assets

Annual premiums on policies providing indemnity for damage to or loss of fixed assets (including intangible assets) are allowed as a deduction provided they are incurred wholly and exclusively for the purposes of the trade (see BIM37000 onwards). Annual premiums are allowable without restriction even if the policies cover replacement ‘new for old’, and not merely damage to or loss of the assets in their depreciated state.