vertical privity. 1  The legal relationship between links in a productâs distribution chain. 2  The privity between a person who signs a contract containing a restrictive clause and the person acquiring the property that is so restricted.
The taxation of life insurance proceeds or endowment policy proceeds payable during the insured`s lifetime is governed by Code 72, the same section that governs the taxation of the payments received under annuity contracts.here the proceeds of an endowment or surrendered policy are paid during life in a lump sum, any excess of such proceeds over the cost of the policy is taxable income [I.R.C. 72(e); Reg. 1.72-11(d)]. The gain is considered ordinary income and not capital gain.
If the grant relates to equipment or other fixed assets then the grant income is deferred, and released to the profit and loss account when the depreciation is recorded. Corporation tax and income tax on grant income. Grants are generally taxable income as any other income arising in your trade.f the grant is for expenditure that appears in your profit and loss account and you can defer the grant income (as above) then you may not have a tax liability on the income as it will be matched with its intended expenditure.