When is receipt taxed as income?
Profits of trades and property businesses are computed in accordance with generally accepted principles of commercial accounting.
Compensation for (temporary) loss of income is taxed as income: London & Thames Haven Oil Wharf v Attwooll  43 TC 491.
Compensation for temporary loss of use of land by trader a trading receipt: Able (UK)  STC 136.
What if asset destroyed but has 10 year lifespan and damages calculated by reference to lost profits? SP8/79.
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