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The EU Solvency Directive II will supersede the current regulatory reporting requirements for insurance companies. The taxation of life companies is at present based on the regulatory reporting, so changes will be needed to the life company tax code. Solvency II will also impact on the taxation of non-life insurance companies. These changes will occur against the background of anticipated new accounting standards for insurance companies.
The Government has already been consulting informally on the changes needed, and has now published this formal consultation document, which explores the implications for both life and general insurers, and invites wider debate about the future of life company taxation.