LAM01010 - Introduction and long-term insurance business overview: introduction to this manual
This manual provides guidance on the corporation tax treatment of insurance companies writing life assurance and other long-term insurance business. The guidance relates to the life tax regime introduced in Finance Act 2012 effective from 1 January 2013. The is archived and still available.
The tax treatment of life insurance policyholders is set out in the Insurance Policyholder Taxation Manual (IPTM). The tax treatment of pension policyholders is set out in the Pensions Tax Manual (PTM). Issues related to general insurance (property & casualty) are set out in the General Insurance Manual (GIM).
The manuals are primarily written for the guidance of HMRC staff and are intended to be used by insurers and their advisers. This manual is relevant to companies writing life assurance and other long-term business as defined in FA12/S56 and FA12/S63.
The terms 바카라 사이트˜life insurance바카라 사이트™ and 바카라 사이트˜life assurance바카라 사이트™ are normally interchangeable and 바카라 사이트˜life insurance바카라 사이트™ is generally used in this manual except where the specific definition of life assurance for tax purposes is being referred to.