Policy paper
Transfers of long-term business: re-insurance
This measure makes changes to the legislation dealing with the re-insurance of a category of long-term insurance business.
Documents
Details
This measure applies to re-insurers of a specific type of long-term insurance business known as basic life assurance and general annuity business (BLAGAB).
It addresses a possible tax mismatch in the life insurance rules where re-insurance precedes a transfer of BLAGAB and an industry concern that the current scope of section 92 Finance Act 2012 may be unnecessarily wide and is blocking commercial transactions.
Published 15 March 2023