What are the rules with regards to the treatment of Keyman Insurance.
I have a client who has just taken out a new mortgage and has had to take Keyman Insurance as a result. Is this an allowable expense against his business?
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Possibility of either
Are we talking sole trader or Ltd?
He was trading as a sole trader when the mortgage application was being handled, but he had incorporated as a company by the time the mortgage was completed!
See BIM45525
It is not allowable for sole trader as it is not deemed to be incidental to obtaining the finance.