Commentary

D7.578 Life reinsurance business ('LRB')

Corporate tax
Corporate tax | Commentary

D7.578 Life reinsurance business ('LRB')

Corporate tax | Commentary

D7.578 Life reinsurance business ('LRB')

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.

The policy reasons behind the introduction of a separate category of LRB are discussed in D7.512. A company whose business consists solely of reinsurance is taxed under the life assurance trade profit provisions as set out in D7.513 and is not subject to the rules discussed below.

LRB is not a class of business separately referred to in a company's FSA return but is rather a purely tax concept. It is defined as the

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