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HMRC internal manual

Company Taxation Manual

Particular bodies: registered societies: carrying on trade - collective assurances

Many registered societies have schemes for payment of a benefit on the death of a member (or a member’s spouse) proportionate to the amount of the member’s transactions with the society.  Where such benefits are provided by means of an insurance policy, the premiums paid (less any rebates received) are allowed as a deduction in computing trading income.  Where the benefits are provided out of the society’s own fund, the actual payments of the fund should be allowed, rather than requiring calculations by reference to transactions with the society for the accounting period.