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HMRC internal manual

General Insurance Manual

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HM Revenue & Customs
Updated
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General Insurance Manual: recent changes

Below are details of the amendments that were published on 4 June 2009 (see the update index for all updates)
 

Section Details of update  
     
GIM2010 Revised text about background to accounting framework  
GIM2020 Revised text about Insurance Accounts Directive  
GIM2030 Revised text about company law  
GIM2040 Revised text about Association of British Insurers’ Statement of Recommended Practice  
GIM2050 Revised text about Association of British Insurers’ Statements of Recommended Practice 1990, 1998, 2003 and 2005  
GIM2060 Revised text about International Financial Reporting Standards  
GIM2070 Revised text about interaction of International Financial Reporting Standards (IFRS) and company law  
GIM2080 Revised text about general principles of insurance accounting  
GIM2090 Revised text about annual accounting  
GIM2091 New page about annual accounting with an example comparing accident year and underwriting year reporting  
GIM2100 Revised text about annual accounting and the Unearned Premium Provision  
GIM2110 Revised text in the example of annual accounting and the Unearned Premium Provision  
GIM2120 Revised text about annual accounting and Deferred Acquisition Costs  
GIM2125 Revised text about annual accounting and provision for costs of running-off business  
GIM2140 Revised text about general explanation of funded accounting  
GIM2150 Revised text about funded accounting and open and closed years  
GIM2160 Revised text about technical provisions  
GIM2170 Revised text about equalisation reserves  
GIM2180 Revised text about discounting of provisions or reserves  
GIM2190 Revised text about investment income  
GIM2200 Revised text in example of annual accounting  
GIM2210 Revised text in example of funded accounting  
GIM3010 Revised text about legislative background to regulatory framework  
GIM3020 Revised text about the Financial Services Authority  
GIM3030 Revised text about the European ‘single passport’  
GIM3050 Revised text about the Financial Services and Markets Act 2000 (FSMA 2000)  
GIM3070 Revised text about the FSA Handbook of rules and guidance  
GIM3090 Revised text about the ‘threshold conditions’ for insurers  
GIM3100 Revised text about classes and groups of general insurance business  
GIM3110 Revised text about the prudential sourcebooks for insurers (IPRU(INS) and INSPRU)  
GIM3120 Revised text about the prudential sourcebook for insurers (INSPRU)  
GIM3130 Revised text about the technical provisions and capital resource requirements of the prudential sourcebook for insurers (INSPRU)  
GIM3140 Revised text about the accounts and statements rules (the ‘FSA return’)  
GIM3150 Revised text about the types of FSA return  
GIM3160 Revised text about the FSA return forms  
GIM3170 Revised text about the FSA return and accident year and underwriting year basis reporting  
GIM3180 Revised text about the FSA return and accounting classes and risk groups  
GIM3190 Revised text about the using the FSA return  
GIM3200 Revised text about the FSA return and the summary of the content of forms  
GIM4010 Revised text about introduction to the taxation of general insurance  
GIM4020 Revised text about historical background  
GIM4030 Revised text about general rules  
GIM4040 Revised text about UK GAAP and International Accounting Standards  
GIM4050 Revised text about overview of the accounts  
GIM4060 Revised text about annual accounting and accounting for premium income  
GIM4070 Revised text about annual accounting and UPP  
GIM4080 Revised text about annual accounting and acquisition costs and administrative expenses  
GIM4100 Revised text about annual accounting and intangible assets  
GIM4130 Revised text about annual accounting and currency accounting (general rules for APs beginning on or after 1 January 2005)  
GIM4140 Revised text about funded accounting  
GIM4150 Revised text in example of funded accounting  
GIM4160 Revised text about funded accounting and CTSA implications  
GIM4170 Revised text about funded accounting and CTSA enquiry windows  
GIM4180 Revised text about funded accounting and other tax issues  
GIM4190 Revised text about commencement and cessation  
GIM4200 Revised text about insolvency  
GIM4210 Revised text about business in run-off  
GIM4220 Revised text about transfers of business  
GIM4230 Revised text about the tax treatment of transfers of business  
GIM4240 Revised text about the transfers of business and the transfer of trading losses  
GIM4250 Revised text abut composite insurance companies  
GIM4260 Revised text about insurance premium tax  
GIM4270 Revised text about VAT  
GIM5010 Revised text about general overview of the taxation of the investment return  
GIM5020 Revised text about the general rule of investment income treated as trading receipt  
GIM5030 Revised text about exceptions to the general rule and investment income not always taxed as trade profits  
GIM5040 Revised text about history and basic rule of UK dividends and other distributions  
GIM5050 Revised text about UK dividends and other distributions exemption: dividend stripping: distributions made before 1 April 2008  
GIM5055 New page about UK dividends and other distributions exemption: dividend stripping: distributions made on or after 1 April 2008: preference share lending  
GIM5060 Revised text about interest and foreign dividends  
GIM5070 Revised text about interest and foreign dividends: income received under deduction of tax  
GIM5080 Revised text about the use of trading losses against investment income  
GIM5090 Revised text in the introduction to corporate and government debt: accounting periods ending after 31 March 1996  
GIM5100 Revised text about corporate and government debt: accounting periods ending after 31 March 1996: rules for insurance companies  
GIM5110 Revised text about corporate and government debt: exchange differences: accounting periods ending after 31 March 1996 and beginning before 1 October 2002  
GIM5120 Revised text about corporate and government debt: exchange differences: accounting periods ending after 31 March 1996 and beginning on or after 1 October 2002  
GIM5150 Revised text about investment gains: accounting periods beginning before 1 January 2002: gains and losses on equities and other non-debt assets  
GIM5160 Revised text about investment gains: accounting periods beginning before 1 January 2002: portfolio assets and trading stock  
GIM5170 Revised text about investment gains: accounting periods beginning before 1 January 2002: portfolio assets and trading stock: periods ending before 1 April 1996  
GIM5180 Revised text about investment gains: accounting periods beginning before 1 January 2002: the realisation basis  
GIM5190 Revised text about investment gains: accounting periods beginning on or after 1 January 2002: transition from realisation basis: change of accounting basis  
GIM5200 Revised text about investment gains: accounting periods beginning on or after 1 January 2002: transition from realisation basis: transitional measures  
GIM5210 Revised text about investment gains: accounting periods beginning on or after 1 January 2002: transition from realisation basis: transfers of business  
GIM5220 Revised text about investment gains: accounting periods beginning on or after 1 January 2002: transition from realisation basis: identification of part realisations  
GIM5230 Revised text about investment gains and structural assets  
GIM5240 Revised text about investment gains and paper for paper exchange of assets  
GIM5250 Revised text about investment gains and paper for paper exchange of assets: section 473 ICTA 1988  
GIM5260 Revised text about investment gains and portfolio assets: anti avoidance provisions  
GIM5270 Revised text about investment gains and portfolio assets: exchange differences  
GIM5280 Revised text about investment gains: land and property  
GIM10231 Revised text about non-resident insurers: scope of UK taxing rights: section 11 ICTA & Article 7 OECD Model: OECD Report on the Attribution of Profits: internal and external reinsurance