Commentary

D7.411 Life assurance business and long-term business

Corporate tax
Corporate tax | Commentary

D7.411 Life assurance business and long-term business

Corporate tax | Commentary

Categories of long-term business

D7.411 Life assurance business and long-term business

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.

The legislation makes frequent use of the terms life assurance business and long-term business both of which are given statutory definitions.

The definition of life assurance business follows the insurance regulatory regime as the effecting or carrying out of contracts of insurance that fall within paragraphs I, II, III or VII(b) of Part 2 of Schedule 1 to The Financial Services and Markets

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