CTM40560 - Particular bodies: registered societies: carrying on trade - collective assurances
Many registered societies have schemes for payment of a benefit on the death of a member (or a member바카라 사이트™s spouse) proportionate to the amount of the member바카라 사이트™s transactions with the society. Where such benefits are provided by means of an insurance policy, the premiums paid (less any rebates received) are allowed as a deduction in computing trading income. Where the benefits are provided out of the society바카라 사이트™s own fund, the actual payments of the fund should be allowed, rather than requiring calculations by reference to transactions with the society for the accounting period.