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HMRC internal manual

Business Income Manual

Specific deductions: losses: of stock or cash by fire etc

Allow to the extent not covered by insurance

The loss of stock-in-trade or of cash in hand by fire, burglary, theft or the negligence of an employee is, in the ordinary course of events, an allowable deduction.

Where the loss is covered in whole or in part by insurance for the treatment of sums received under the policy, see BIM40750 onwards.

See also under:

  • bad and doubtful debts (BIM42700 onwards),
  • compensation and damages (BIM42950 onwards), and
  • guarantee payments (BIM45300 onwards).