# The General Insurance Reserves (Tax) Regulations 2001, Regulation 5.1: Rule 5


Discount the amount of each liability as defined in Rule 3 to the present value of the liability as at the balance sheet date, by the application of a discount factor, reflecting the time value of money between the balance sheet date and the date of payment of the liability (the period between those dates being referred to as “the discount period”), subject to Rule 5.2.

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Source: https://www.legislation.gov.uk/uksi/2001/1757/regulation/5.1 (the official version)
Page: https://openlegislation.uk/general-insurance-reserves-tax-regulations-2001/regulation-5.1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.