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Insurance business transfer rules

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The Insurance Companies (Amendment to Section 129 of, and Schedule 17 to, the Finance Act 2012) Regulations, SI 2015/1959, which comes into force on 31 December 2015, amends the rules in FA 2012 for intra-group transfers of long-term life insurance business, to ensure that such transfers remain tax-neutral. The regulations specify that any tax attributes transfer with the part of the business that gave rise to them. HMRC consulted between July and September 2015 on a draft of these regulations.

Further guidance is awaited from HMRC to provide more clarity on other aspects of the insurance business transfer rules.

Issue: 1289
Categories: News
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