HMRC Brief 04/09 entitled 'Technical provisions made by general insurers: the “appropriate amount” allowable for tax purposes' was issued on 12 February (see http://www.lexisurl.com/VHz8g).
Finance Act 2007 repealed legislation (Finance Act 2000 s 107) that dealt with any differences between the technical provisions set by general insurers in their accounts against claims they expect to have to pay and the eventual outturn of those claims. HMRC acknowledges that this legislation was complex and gave rise to lengthy calculations. The replacement legislation in Finance Act 2007 Sch 11 is based on following the financial accounts but allows an officer of HMRC to determine an amount called the 'appropriate amount'. If the provisions set at the end of the...
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HMRC Brief 04/09 entitled 'Technical provisions made by general insurers: the “appropriate amount” allowable for tax purposes' was issued on 12 February (see http://www.lexisurl.com/VHz8g).
Finance Act 2007 repealed legislation (Finance Act 2000 s 107) that dealt with any differences between the technical provisions set by general insurers in their accounts against claims they expect to have to pay and the eventual outturn of those claims. HMRC acknowledges that this legislation was complex and gave rise to lengthy calculations. The replacement legislation in Finance Act 2007 Sch 11 is based on following the financial accounts but allows an officer of HMRC to determine an amount called the 'appropriate amount'. If the provisions set at the end of the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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