GIM4000 - Taxation of general insurance
This Chapter describes the broad framework of taxation of general insurance, and covers the taxation of the underwriting results of general insurance companies using annual and non-annual (funded) accounting. It also deals with issues such as commencement and cessation and transfers of business. Other details of the taxation of general insurance are covered elsewhere in GIM. See GIM5000+ on the taxation of the investment return, GIM6000+ on the tax treatment of technical provisions, and GIM7000+ on the tax treatment of equalisation reserves.
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Taxation of general insurance: introduction |
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Historical background |
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General rules |
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UK GAAP and International Accounting Standards |
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Overview of the accounts |
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Annual accounting: accounting for premium income |
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Annual accounting: UPP |
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Annual accounting: acquisition costs and administrative expenses |
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Annual accounting: capital allowances |
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Annual accounting: intangible assets |
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Annual accounting: currency accounting: APs beginning before 1 January 2005: general rules |
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Annual accounting: currency accounting: general rules: APs beginning before 1 January 2005: sections 93 and 93A FA 1993 |
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Annual accounting: currency accounting: general rules: APs beginning on or after 1 January 2005 |
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Funded accounting: general |
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Funded accounting: an example |
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Funded accounting: CTSA implications |
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Funded accounting: CTSA enquiry windows |
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Funded accounting: other tax issues |
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Commencement and cessation |
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Insolvency |
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Business in run-off |
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Transfers of business: general |
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Transfers of business: tax treatment |
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Transfers of business: transfer of trading losses |
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Composite insurance companies |
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Insurance premium tax (IPT) |
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VAT |
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Interest and penalties |
