Policy paper

Corporation Tax: long term insurance business

This only applies to life insurance companies that carry on life assurance and other long-term business.

Documents

Draft clause 34

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Draft explanatory notes clause 34

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Details

This legislation simplifies how life insurance companies use debits from intangible fixed assets and trading losses from their basic life assurance and general annuity business (BLAGAB). It also ensures that the deemed income which arises if BLAGAB trade profits exceed BLAGAB investment return is fully brought into charge.

Published 9 December 2015