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Budget 2007 — Insurance Tax

 
Philip Lewis Director with KPMG in the UK gives a personal view of the Budget and Finance Bill proposals for insurance companies
 
The consultation process of insurance tax introduced in the 2006 Budget and launched last May in a technical consultation document has led to a significant amount of legislation announced in this year's Budget.
 
The Finance Bill includes:
 
●     four Schedules on life assurance company taxation;
 
●     one Schedule on technical provisions made by general insurers;
 
●     one Schedule on transfers of business by friendly societies; and
 
●     various further clauses of relevance to insurers.
 
All in all that is about 63 pages of new legislation — although a...
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