HMRC is consulting until 26 September 2023 on draft regulations which will set out which assets of a company’s long-term insurance business are ‘structural assets’. The broad definition of structural assets for this purpose is set out in FA 2012 s 137. The distinction is important because any income and gains from structural assets are excluded from trading profits.
The final regulations – likely to be called ‘the Insurance Companies (“The Long-term Business Fixed Capital”) Regulations 2023 – are expected to be made in autumn 2023 and will apply to accounting periods starting on or after 1 January 2024.
HMRC is consulting until 26 September 2023 on draft regulations which will set out which assets of a company’s long-term insurance business are ‘structural assets’. The broad definition of structural assets for this purpose is set out in FA 2012 s 137. The distinction is important because any income and gains from structural assets are excluded from trading profits.
The final regulations – likely to be called ‘the Insurance Companies (“The Long-term Business Fixed Capital”) Regulations 2023 – are expected to be made in autumn 2023 and will apply to accounting periods starting on or after 1 January 2024.
