BIM45850 - Specific deductions: losses: contents

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:

1. BIM45851

   Of stock or cash by fire etc
2. BIM45855

   Defalcation by employee
3. BIM45860

   Due to bank failure
4. BIM45865

   Sub-postmasters cash deficiencies
5. BIM45870

   When to make deduction
6. BIM45875

   Foreign exchange gains and losses