CG12950 - Capital sums derived from assets: s22(1)(b) TCGA92: insurance receipts

S22(1)(b) TCGA92 deems a disposal when the owner of an asset receives a capital sum, see CG12980, under an insurance policy for the risk of:

• any kind of damage or injury to assets, or
• the loss or depreciation of assets.

In certain circumstances, and subject to a claim being made, s23 TCGA92 prevents the receipt of a capital sum within s22(1)(b) TCGA92 from being treated as an occasion of a disposal where the insurance receipt is applied in restoring a damaged asset or replacing an asset which has been lost or destroyed, see CG15700+.