http://www.legislation.gov.uk/uksi/2001/1757/regulation/10.1/made
The General Insurance Reserves (Tax) Regulations 2001
Income tax
Tax
Income
Business finance
Corporation tax
King's Printer of Acts of Parliament
2014-09-26
INCOME TAX
These Regulations supplement section 107 of the Finance Act 2000 (c. 17), which provides that where it becomes apparent in a period of account that technical provisions made by a general insurer for an earlier period were excessive, or insufficient, an amount is to be treated as added (as an “end of period adjustment”) as a receipt or expense, respectively, of the general insurer’s trade in the later period, for tax purposes. The principal effects of these Regulations are (1) to provide the method of calculating whether the technical provisions were excessive or insufficient (2) to provide for the currencies in which the calculations, including the discount rate, are to be carried out, and (3) to provide for modifications of those rules where they apply to underwriting members.
The General Insurance Reserves (Tax) Regulations 2001
reg. 10(1)
The Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) (No. 2) Regulations 2006
reg. 11
reg. 1(1)
(2)
The General Insurance Reserves (Tax) Regulations 2001
Regulations
The Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) Regulations 2006
reg. 2(b)
11
reg. 1(1)
Rule 1010.1
No amount representing provisions for unearned premiums or provisions for unexpired risks shall be determined as excessive or insufficient for the purposes of section 107.