Looking at client bank statements, payments to insurance companies are described as OB. What does this term mean? Is it relevant to tax?
Thanks for all replies
Replies (3)
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Ordinary Branch?
I assume this stands for Ordinary Branch. This I think applies to life policies etc. (not general insurance) and distinguishes "ordinary business" from "industrial branch" policies. The latter are small value policies sold door-to-door as opposed to ordinary branch business where the premium is paid by D/D mostly.
I don't think there are any tax inplications in the OB designation.
I have to say I'm not an expert on these things.
Yes Ordinary Branch
Although the respondent above is not confident, he or she is absolutely correct - OB is the opposite of IB (the man from the Pru.... which is where my OH worked for years!).