Closed consultation

Draft regulations: The Insurance Companies (“The Long-term Business Fixed Capital”) Regulations 2023

From:
HM Revenue & Customs
Published
29 August 2023

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Summary

We welcome views on the draft tax regulations to specify which assets are to be treated as structural assets of an insurance company’s long-term business.

This consultation ran from
to

Consultation description

There is uncertainty around the meaning of the term “structural asset” in section 137 of Finance Act 2012. These draft regulations will exercise the powers conferred by section 137 of the Finance Act 2012 to clarify which assets are to be treated as structural assets of an insurance company’s long-term business. This is significant because the income and gains from structural assets are excluded from trading profits.

It is expected that the regulations will be made during autumn 2023 and will apply to accounting periods beginning on or after 1 January 2024.

Before submitting your response, you can read the draft regulations on this page.

These regulations will be of interest to life insurance companies and mutual life insurers.

Documents

(Draft) The Insurance Companies (“The Long-term Business Fixed Capital”) Regulations 2023

ODT, 20.1 KB

This file is in an OpenDocument format

Updates to this page

Published 29 August 2023

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