Dr John F Avery Jones

Decision released 15 July 2003

Corporation tax – Key man insurance – whether proceeds taxable – policy taken out as a requirement of a potential investor providing funding and obtaining options over shares not taxable

HEADNOTE

A company had a capital purpose in taking out key man insurance policies as a requirement of an investor entering into an agreement to provide it with funds so that the policy moneys were not part of the company’s trading profits for tax purposes.

Facts

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