Commentary

D7.591 Overseas life assurance business – Compliance

Corporate tax
Corporate tax | Commentary

D7.591 Overseas life assurance business – Compliance

Corporate tax | Commentary

D7.591 Overseas life assurance business – Compliance

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.

Because OLAB provides for the tax-free gross roll up of policy benefits, HMRC have always been concerned to ensure that writers of such business fully comply with their statutory obligations. The primary legislation therefore gives HMRC power to lay regulations that govern the provision of information by insurers and the insured and for inspection by HMRC of the relevant books, documents and records1. There are penalties for failure to comply with any requirement laid on insurers by the regulations2.

HMRC have produced

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