Policy paper

Re-insurance in the course of transfers of long-term business

This measure makes changes to the legislation dealing with the re-insurance of a category of long-term insurance business.

• From: HM Revenue & Customs
• Published: 15 December 2022
• Last updated: 25 January 2024 — See all updates

Documents

Re-insurance in the course of transfer of basic life assurance and general annuity business

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Explanatory Note

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Draft legislation

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Details

This measure applies to re-insurers of a specific type of long-term insurance business known as basic life assurance and general annuity business (BLAGAB).

It addresses a possible tax mismatch in the life insurance rules where re-insurance precedes a transfer of BLAGAB and an industry concern that the current scope of section 92 Finance Act 2012 may be unnecessarily wide and is blocking commercial transactions.

Published 15 December 2022
Last updated 25 January 2024 + show all updates

1. 25 January 2024

   The Exchequer cost impact figures have been updated.

2. 15 December 2022

   First published.