TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

HMRC - Statement of Intent

HMRC have issued a statement of intent on the corporation tax treatment of reductions in a Life Insurer's liabilities to policyholders.

The Financial Services Authority has made an instrument, the Prudential Requirements for Insurers (Amendment) Instrument 2006 (FSA 2006/62). The instrument has effect for periods ending on or after 31 December 2006 and allows insurance companies to change their method of calculating their liabilities to policy holders in their return made to the FSA for that period.

The statement of intent, available at http://www.hmrc.gov.uk/life-assurance/statement-of-intent.htm, covers the principles which HMRC will apply in dealing with tax issues arising from FSA instrument 2006/62.