Commentary

D7.404 Long-term business general taxation principles

Corporate tax
Corporate tax | Commentary

D7.404 Long-term business general taxation principles

Corporate tax | Commentary

D7.404 Long-term business general taxation principles

The rules in this division apply for accounting periods beginning on or after 1 January 2013. For accounting periods beginning before 1 January 2013 see Division D7.5.

Insurance business is a trade for taxation purposes1, and the Corporation Tax Acts therefore apply to an insurance company in the same way as they apply to any other trading company, except where the law has been modified by special provisions applicable to insurance companies only.

A study of the life assurance provisions of the Corporation Tax Acts, however, is not in itself enough to give an understanding of how life insurance companies are taxed. At the end of the 19th and the beginning of the 20th centuries, a number of important disputes between life insurance companies and HMRC

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