Mr G took a 9-month lease on an office. He was assured that he did not need to insure the structure of the office, but this was wrong advice. The boiler exploded soon after he moved in, and he has been told by the letting agent that he is responsible for the resulting repairs of £100000. His profits are only around £50000 per annum. Will there be any problem in getting tax relief on such a large amount?
09th Aug 2010 08:32