Dr John F Avery Jones.

Decision released 10 April 2002

Corporation tax – Deductible expenditure – Premiums on key man and mortgage protection policies on lives of directors who were shareholders – Whether wholly and exclusively for the purposes of the trade – Income and Corporation Taxes Act 1988, s. 74(1)(a).


The payment of insurance premiums on term policies on the lives of two company directors were not allowable deductions in calculating the company’s corporation tax liability where the payments were not made wholly and exclusively for the purposes of the company’s trade.


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