Commentary

D7.507 Basis of taxation

Corporate tax
Corporate tax | Commentary

D7.507 Basis of taxation

Corporate tax | Commentary

D7.507 Basis of taxation

The rules in this division apply for accounting periods beginning before 1 January 2013. For accounting periods beginning on or after 1 January 2013 see Division D7.4.

For accounting periods beginning on or after 1 January 2007 the basis of taxation for all companies writing life insurance business, whether or not in conjunction with any other type of insurance business, is fixed by statute.

The default position is that the I-E basis is mandatory; there is no longer any Crown Option available to HMRC, nor may the alternative trading basis of assessment be1. However if the company

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