Commentary

D1.520 Availability of relief

Corporate tax
Corporate tax | Commentary

D1.520 Availability of relief

Corporate tax | Commentary

Life assurance business

D1.520 Availability of relief

Special provision is made for life insurance companies, because the way they are taxed differs from the way most other companies are taxed. The taxation of life insurance companies was revised for accounting periods beginning on or after 1 January 2013 with transitional provisions applying for accounting periods straddling that date; see Division D7.4.

Accounting periods beginning before 1 January 2013

Where profits arising to an insurance company from life assurance business are computed as trading income, the reliefs described in previous articles are not available1. This is because the normal trading income rules are substantially overridden and figures are taken from the company's regulatory return that it makes to the Financial Services Authority (now the Financial Conduct

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial