Life Assurance guidance

Finance Act 2012 introduced a new regime for the taxation of life insurance companies, with effect from 1 January 2013.

The pre-2013 regime

Guidance on the pre-2013 regime is found in the latest (2008) version of the Life Assurance Manual (LAM),which can be accessed via the following link:

LAM2008 - Chapters (PDF 2.12MB)

The 2013 Regime

Comprehensive guidance on the new regime will be provided in due course. In the meantime, we are providing interim standalone guidance on those aspects which are most likely to be of immediate interest.

The first four guidance papers can be accessed via the links below:

Revenue & Customs Brief 04/13 Additional guidance:Life insurance companies (PDF 34K)

Transitional Provisions (PDF 93K)

Protection Business (PDF 34K)

Allocation of income, gains, profits and losses (PDF 34K)

Transfers of long-term business (PDF 66K)

There is also guidance on interaction with the CFC legislation see link below:

The Insurance Companies and CFCs: Avoidance of Double Charge Regulations 2012 (PDF 24K)

Further interim guidance will be added as it becomes available.

There is a short window for an informal consultation on additional transitional regulations. See link below:

Additional Transitional Regulations - Paragraph 37 Part 3 Schedule 17 FA 2012 (PDF 27K)