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Life insurance companies: consultation

printer Mail

HMRC are seeking views on the implementation of a new corporate tax regime for life insurance companies with effect from January 2013.

Changes are required because the EU Solvency II Directive has replaced the regulatory returns that form the basis of a life insurance company’s taxation, and the government is taking the opportunity to introduce further changes to ‘simplify and rationalise in a number of areas’.

Comments are invited by 28 June. A technical note, ‘Solvency II and the Taxation of Insurance Companies’, sets out the key decisions at Budget 2011, made following consultation that began in March 2010.