Policy paper

Response to accounting changes for insurance contracts

This Tax Information and Impact Note details legislation introduced in response to the new international accounting standard for insurance contracts.

• From: HM Revenue & Customs
• Published: 27 October 2021

Documents

Response to accounting changes for insurance contracts

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Details

This measure is an enabling power to allow the government to make regulations to spread the transitional impact of the new international accounting standard for insurance contracts, International Financial Reporting Standard (IFRS) 17, for tax purposes and to revoke the requirement for life insurance companies to spread acquisition expenses over seven years for tax purposes.

Published 27 October 2021