UK tax legislation for general insurance technical provisions

Document description

This paper relates to the tax rules governing technical provisions for general insurance companies.

This paper aims to provide relevant material for actuaries and other reserving specialists who are involved in applying the Regulations. However, it does not represent formal or informal guidance from either the UK Actuarial Profession or the Board for Actuarial Standards. Rather, it provides a summary of the Regulations, as the authors understand them, gained through discussions that they have had with HMRC during the evolution of the Regulations over the last few years. We also raise a number of discussion points around the interpretation of the Regulations. Inevitably, actuaries (and others who are affected by the rules) will need to interpret the Regulations themselves in each particular context, and use their professional judgment to decide how they should be implemented in practice.