Welcome! In this section of the website you will find brief details of the Working Party, an easy reference guide to current issues in the life tax field and a library of our published articles. Most of our articles are published in The Actuary but some material is exclusive to this website. We hope you find it useful, and welcome all feedback on how we might improve our service to the profession.

We must, of course, include a disclaimer! Whilst the material here has been prepared in good faith we cannot accept responsibility for any errors or omissions, or changes since the articles were originally written, and you should seek your own specialist tax advice as required.

Our Objectives

We aim to keep abreast of new developments in the field of Life Office tax, to analyse their impact, and to educate and inform members of the profession who are not tax specialists regarding such developments and associated current issues.

Whilst we cannot answer individual tax queries we do welcome all suggestions regarding potential areas of study and ways in which we can improve the effectiveness of our work.

Membership

Chairman: Paul Turnbull
PaulTurnbull@HBOSplc.com

Paul Turnbull is currently the Chief Actuary at HBOS Financial Services having been a partner at Watson Wyall and having previously worked at Allied Dunbar. In addition to life company taxation, Paul's areas of interest include capital management of life companies, reassurance, regulation of life companies, mergers and acquisitions, and transfers of long term business. Paul is also an appointed actuary.

Tax Experts:

• Trevor Fannin
  trevor_fannin@watsonwyatt.com
  Trevor is an actuary working for Watson Wyatt Limited. In addition to life office taxation his areas of interest include financial reporting, embedded value calculations and capital management.
• Matthew Little
  matthew.Little@fsa.gov.uk
  Matthew is an actuary working for the Financial Services Authority. His current interests include insurance law, capital management and market consistent embedded values, as well as life office tax.
• Andrew Rendell
  andrew.rendell@resolutionplc.com
  Andrew Rendell is an actuary working for Resolution plc. His areas of interest include realistic reporting, asset/liability matching and other capital management issues. He also acts as actuarial function holder for one of the group's insurance companies.
• Matthew Taylor
  mtaylor3@UK.EY.COM
  Matthew is a tax partner in the financial services office of Ernst & Young in London. Previously he was director, insurance tax at KPMG. Matthew has provided tax advice on many of the major demutualisations, mergers and acquistions during the past ten years. He has also worked closely with actuaries on the tax aspects of embedded values and life profit reporting as well as discussing and negotiating major technical issues with the Inland Revenue.

Current issues

• Budget 2008 March 2008
• Capital Gains Tax reform and the life insurance industry March 2008
• Response to consultation by HMRC on taxation of life assurance companies September 2007
• Pre-Budget Report 2006/ December 2006 [pdf]
• Life office tax consultation - income apportionments/ November 2006 [pdf]
• HMRC consultation on life office taxation - Crown Option/ September 2006 [pdf]
• Taxation of long-term business/ Matthew Taylor. June 2006 [pdf]
• Budget 2006 and implications for life assurance/ Matthew Little, The Actuary, April 2006 [pdf]

Document library

• Life Office Tax. Institute Working Party/ Paul Turnbull, Matthew Taylor and Andrew Rendell [ppt]
  Presentation given to the 2005 Life Convention
• European Court adds VAT to outsourcing costs/ Trevor Fannin. September 2005
• Pensions business and withholding tax/ Andrew Rendell. August 2005
• Taxing the estate. Steve Jones. January 2005 [pdf]
• Life assurance companies. Forthcoming changes/ Matthew Taylor. September 2004 [pdf]
• Budget 2004. Implications for life assurance. May 2004 [pdf]
• Tax implications of FSA CP207, Treating with-profits policyholders fairly. March 2004 [pdf]
• Pre-budget report 2003. December 2003 [pdf]
• Contingent loans - the good, the bad and the ugly/ Paul Turnbull. October 2003 [pdf]
• Use and valuation of NCI Losses/ Keith Wild. December 2003 [pdf]
• Consultation from the Inland Revenue/ Paul Turnbull. September 2003 [pdf]
• Secondary legislation on tax. Full version/ Matthew Taylor. September 2003 [pdf]
• Secondary legislation on tax. Summary/ Matthew Taylor. September 2003 [pdf]
• Taxation of long-term business/ Matthew Taylor. June 2003 [pdf]
• Budget 2003. Changes to life assurance taxation. June 2003 [pdf]
• Deferred tax in embedded values/ Keith Wild. April 2003 [pdf]
• Loan relationship and the taxation of derivatives/ Paul Turnbull. January 2003 [pdf]
• Life insurance tax changes. January 2003 [pdf]
• Guaranteed equity bonds/ Matthew Taylor. January 2002 [pdf]
• The impact of FRS 16 on reported profits/ Paul Turnbull. November 2001 [pdf]
• Taxation of disability business/ Graham Allan. August 2001 [pdf]
• Budget March 2001. April 2001 [pdf]
• The Inland Revenue website. January 2001 [pdf]

Useful links

• HM Treasury
• HM Revenue and Customs