Capital sums derived from assets: section 22 (1)(b) TCGA 1992: insurance receipts
Section 22(1)(b) TCGA 1992 deems a disposal when the owner of an asset receives a capital sum, see CG12980, under an insurance policy for the risk of:
- any kind of damage or injury to assets, or
- the loss or depreciation of assets.
In certain circumstances, and subject to a claim being made, section 23 TCGA 1992 prevents the receipt of a capital sum within section 22(1)(b) from being treated as an occasion of a disposal where the insurance receipt is applied in restoring a damaged asset or replacing an asset which has been lost or destroyed, see CG15700+.