
Refundable ‘premium’ sinks taxpayer’s insurance deduction
The High Court finds that most of the payment was a recoverable, interest-bearing deposit rather than expenditure incurred for genuine insurance cover.

The High Court finds that most of the payment was a recoverable, interest-bearing deposit rather than expenditure incurred for genuine insurance cover.

By combining traditional cover for catastrophic losses with self-insured retention for routine claims, businesses can transform a ‘grudge purchase’ into a source of financial control.