Sale of insurance renewal rights - capital gain?

Sale of insurance renewal rights - capital gain?

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Discussion

Legend83

Original Poster:

10,142 posts

229 months

Friday 17th July 2009
quotequote all
Friend of mine were members of a mutual insurance society who sold the rights of renewal to another insurer. A distribution of reserves was made to members.

Do they need to declare this as income or capital gains?

NB, I am an accountant but don't deal with personal tax.