Section 103 — Corporation Tax Act 2009: Sums recovered under insurance policies etc

Sums recovered under insurance policies etc 103 1 This section applies if—

a a deduction has been made for a loss or expense in calculating the profits of a trade, b a company carrying on the trade recovers a sum under an insurance policy or a contract of indemnity in respect of the loss or expense, and c the sum is not of a revenue nature.

2 The sum is brought into account as a receipt in calculating the profits of the trade (but only up to the amount of the deduction).