Document library
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- Source:
- British Actuarial Journal [BAJ] (2004) 10(5): 1047-1070
The Penrose report. A discussion meeting held by the Institute of Actuaries. Abstract of the discussion
The `Report of the Equitable Life Enquiry', by The Right Honourable Lord Penrose, was delivered to Treasury Ministers on 23 December 2003, and was published on 8 March 2004 by The Stationary Office (also at www.hm-treasury.gov.uk). Members were encouraged ... read more >>
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- Author:
- T J Sheldon; A D Smith
- Source:
- British Actuarial Journal [BAJ] (2004) 10(3): 543-626
Market consistent valuation of life assurance business
In recent years there has been a trend towards market consistent valuation in those institutions for which actuaries have responsibilities. The larger United Kingdom with-profits insurance companies are now preparing realistic balance sheets, both for ... read more >>
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- Author:
- R C Willets; A P Gallop; T Leandro; J L C Lu; A S Macdonald; K A Miller; S J Richards; N Robjohns; J P Ryan; H R Waters
- Source:
- British Actuarial Journal [BAJ] (2004) 10(4): 685-832
Longevity in the 21st century
The main objective of this paper is to offer a detailed analysis of mortality change in the United Kingdom at the beginning the 21st century. Starting from an exploration of 20th century mortality trends, focusing in particular on the 1990s, underlying ... read more >>
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- Author:
- Life Office Taxation Working Party
Pre-budget report 2003
The pre-budget report on 10 December 2003 covered a number of areas of interest to life insurance companies. These included management expenses, transfer pricing, savings products, pensions, and share and property derivatives. Pre Budget Report 2003 ... read more >>
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- Author:
- Life Office Taxation Working Party\; Keith Wild
Use and valuation of NCI losses
In the Finance Act 2003, legislation was changed to allow shareholder losses in life companies to be carried forward and to be used to reduce future tax liabilities. This brings life companies into line with the existing treatment of losses for all other ... read more >>
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- Author:
- Life Office Taxation Working Party\; Paul Turnbull
Contingent loans - the good, the bad and the ugly
The Finance Act 2003 introduced more change to the taxation of life business. Many of those changes were aimed at preventing perceived abuse of tax legislation. One such change affects the taxation of companies that have contingent loans. Contingent loans ... read more >>
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- Author:
- Life Office Taxation Working Party\; Matthew Taylor
Secondary legislation on tax (summary version)
The Inland Revenue issued five sets of regulations in July and August 2003. Two cover fairly obscure points, but a brief description of the others is given here. Secondary legislation on tax Actuarial Profession Life Office Taxation Working Party ... read more >>
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- Author:
- Life Office Taxation Working Party\; Paul Turnbull
Consultation from the Inland Revenue
The Inland Revenue issued its second consultation on the subject of corporation tax in August 2003. It refers to the specific issues and difficulties in relation to life assurance. The areas of proposed change include taxation of capital gains, the ... read more >>
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- Author:
- Life Office Taxation Working Party\; Matthew Taylor
Secondary legislation on tax (full version)
The Inland Revenue have issued five sets of regulations in July and August 2003. A brief description of each is given here. Secondary legislation on tax Actuarial Profession Life Office Taxation Working Party September 2003 The Inland Revenue have ... read more >>
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- Author:
- A J Hibbert; C J Turnbull
- Source:
- British Actuarial Journal [BAJ] (2003) 9: 725-786
Measuring and managing the economic risks and costs of with-profit business
MEASURING AND MANAGING THE ECONOMIC RISKS AND COSTS OF WITH-PROFITS BUSINESS By A.J. Hibbert and C.J. Turnbull [This paper was written following a presentation to a meeting of the Faculty of Actuaries on 17 February ... read more >>
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- Author:
- Life Board\; Control Processes Working Party
Report of the Control Processes Working Party
In the context of discussions in 2002 of the FSA's proposals for the future governance of with-profits business, the working party's report looks at the current activity of the appointed actuary and how this might be allocated under those proposals. In ... read more >>
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- Author:
- Life Office Taxation Working Party
Budget 2003. Changes to life assurance taxation
The majority of the changes described below were first mooted in the Inland Revenue Press Release of 23 December 2002. They have been subject to extensive consultation since then and now reflect many of the improvements proposed by the ABI on behalf of ... read more >>
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- Author:
- Life Office Taxation Working Party\; Matthew Taylor
Taxation of long-term business
A high-level description of the taxation of long-term business in the United Kingdom. 1 Taxation of long-term business Actuarial Profession Life Office Taxation Working Party June 2003 Introduction This paper seeks to provide a high level ... read more >>
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- Author:
- Matthew Taylor
- Source:
- Life Office Taxation Working Party
Taxation of long-term business
1 Taxation of long-term business Actuarial Profession Life Office Taxation Working Party June 2003 Introduction This paper seeks to provide a high level description of the taxation of long-term business in the United Kingdom. Long-term business ... read more >>
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- Author:
- Life Office Taxation Working Party\; Keith Wild
Deferred tax in embedded values
Deferred tax arises because of timing differences in the recognition of items in the accounts and the tax computations, and may result in the recognition of either an asset or a liability in the accounts. U:\website\life_insurance\taxwp\TWP08-Deferred Tax ... read more >>
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- Author:
- Life Office Taxation Working Party\; Paul Turnbull
Loan relationships and the taxation of derivatives
This article outlines the definition of loan relationships and how taxation of these assets is relevant to the regime for taxing derivatives. Loan relationships and the taxation of derivatives Actuarial Profession Life Office Taxation Working Party ... read more >>
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- Author:
- Life Office Taxation Working Party
Life insurance tax changes, January 2003
On 23rd December 2002 the Inland Revenue issued a press release announcing a number of proposed changes to life tax. Life Insurance Tax Changes Actuarial Profession Life Office Taxation Working Party January 2003 On 23rd December the Inland ... read more >>
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- Author:
- Life Office Taxation Working Party\; Matthew Taylor
Guaranteed equity bonds
Guaranteed equity bonds taxation: heads, they win\; tails, you lose! Guaranteed Equity Bonds Actuarial Profession Life Office Taxation Working Party January 2002 GEB taxation: heads, they win; tails, you lose! In June 2001 the Special Commissioners, ... read more >>