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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 >>