B2.214 Financial loss allowancesMembers of certain public bodies receive financial loss allowances for loss of remunerative time while engaged on the work of those bodies. Examples of such individuals are magistrates, justices of the peace, jurors, members of local authorities, the National Health Service or nursing bodies.Where the allowance is to compensate for loss of profit in a trade or profession, HMRC treats it as a receipt of the trade or profession. It is therefore included in the computation of trading profits1. Consequently, a day subsistence allowance is not a taxable receipt of the business, as
Members of certain public bodies receive financial loss allowances for loss of remunerative time while engaged on the work of those bodies. Examples of such individuals are magistrates, justices of the peace, jurors, members of local authorities, the National Health Service or nursing bodies.
Where the allowance is to compensate for loss of profit in a trade or profession, HMRC treats it as a receipt of the trade or profession. It is therefore included in the computation of trading profits1.
Consequently, a day subsistence allowance is not a taxable receipt of the business, as
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