Policy paper

Transfers of long-term business: re-insurance

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 March 2023

Documents

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

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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 March 2023