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HMRC internal manual

General Insurance Manual

From
HM Revenue & Customs
Updated
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Technical provisions: periods of account beginning on or after 1 January 2000 and ending before 19 July 2007: General Insurance Reserves (Tax) Regulations: insolvent companies

Regulation 6: insolvent companies

Regulation 6 excluded companies in liquidation, administration, provisional liquidation, or a relevant arrangement or compromise under ICTA88/S74 (2) from the operation of section 107.

The 2003 amendments revised this regulation so that with effect from accounting periods ending on or after 5 December 2003 an insurer in provisional liquidation or subject to a relevant compromise was not excluded from the rules unless actually insolvent.