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HMRC internal manual

Oil Taxation Manual

PRT: tariff and disposal receipts - insurance receipts


Insurance or compensation receipts in respect of the loss or destruction of a qualifying asset (see OT15100) are charged as disposal receipts.

The disposal receipt arises when liability is admitted (although not necessarily quantified) and not at the time of the event giving rise to the claim or the date of receipt if different.

See OT09350 for the treatment of insurance or compensation receipts where the asset has not totally been lost.