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HMRC internal manual

General Insurance Manual

From
HM Revenue & Customs
Updated
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Mutual insurance: tax treatment: accounting periods beginning on or after 1 October 2002: exchange gains and losses

Exchange gains and losses on monetary assets and liabilities for accounting periods beginning on

Exchange gains and losses on any monetary items which are money debts but not loan relationships are within FA96/S100, re-enacted as CTA09/S481. This might arguably apply to any gains and losses on technical reserves of a mutual. If any such gains or losses are returned by a mutual general insurer, the issue should be referred to CT&VAT (Insurance) Technical.

Transitional rules applied to the new treatment for accounting periods beginning on or after 1 October 2002. Further detail may be found in the previous version of GIM9100. This is available from the Editor.