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HMRC internal manual

General Insurance Manual

Taxation of general insurance: annual accounting: accounting for premium income

Premiums brought into account in accordance with the accounting Regulations SI2008/410 and paragraphs 84 to 91 of the ABI SORP (see GIM2140) are unlikely to give rise to tax issues.

Premiums are apportioned over the period of risk (usually 12 months starting with the effecting of the policy) between periods of account by the setting of an Unearned Premium Provision, or UPP, previously referred to as an Unearned Premium Reserve - UPR.