Policy paper
Corporation Tax: The Insurance Contracts (Tax) (Change in Accounting Standards) Regulations 2022
This tax information and impact note is about Corporation Tax changes in response to the new international accounting standard for insurance contracts IFRS 17.
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These regulations make provisions in relation to the adoption of the accounting standard IFRS 17 in accounting periods beginning on or after 1 January 2023. Certain amounts, that would otherwise be subject to Corporation Tax upon transition to IFRS 17, are instead brought into tax over 10 years.
You can also read the legislation and explanatory memorandum.