We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

Supreme Court backs small firms on business interruption claims

18 Jan 2021

The UK's Supreme Court has found in favour of small firms receiving payments from coronavirus (COVID-19) business interruption insurance policies.

The test case was brought against insurers by the Financial Conduct Authority (FCA). The ruling means that thousands of small businesses are now set to receive insurance payouts covering losses from the first national lockdown.

Eight insurers, including Hiscox, RSA, QBE and MS Amlin, agreed to be part of the test case and the ruling could now cost the insurance sector hundreds of millions of pounds.

Hiscox was challenged by 30,000 policyholders, who formed the Hiscox Action Group, as part of the case.

Commenting on the ruling, Flora Hamilton, Financial Services Director at the Confederation of British Industry (CBI), said: 'At such an uncertain time, this court case provides much-needed clarity to companies across the UK, and relief for smaller firms struggling with cashflow.

'This is significant news for insurers, and regulators will need to work closely with the industry as policies, products and processes are updated to reflect this ruling.'

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2021 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.