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New insurance companies rules set to come into force

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The Insurance Companies (Amendment to Schedule 17 to the Finance Act 2012 (Transitional Provision)) Regulations, SI 2013/2244, were laid before Parliament on Monday and have been confirmed to come into force on 30 September 2013. These amending regulations correct a mismatch between the transitional rules to the new corporate tax regime for life insurance companies and the transfers of insurance business rules. This could have resulted in certain amounts being either taxed twice, or relieved twice, on a transfer of business. A draft of the regulations was published for consultation in August. Some small amendments have been made to the final version.

Issue: 1184
Categories: News , Corporate taxes