If someone takes out a bank loan to purchase a business (ie goodwill, stock, fixtures) and you choose to take out the loan protection to cover you in the event of being unable to pay the loan back, then can you claim this against income as a business expense?
Many Thanks
david
Related resources
Replies (1)
Please login or register to join the discussion.
Premiums not allowable
BIM 45815 states that the premiums themselves are not allowable but incidental expenses of arranging the policy (whatever those might be) are allowable. See www.hmrc.gov.uk/manuals/bimmanual/BIM45815.htm