# The General Insurance Reserves (Tax) Regulations 2001, Regulation 5.4: Rule 5


The discount rate for the whole of the discount period to be used in calculating the discount factor shall be determined as follows—
(a) in a case where the sterling discount rate is to apply (see Rule 1), the discount rate shall be found from the formula—
(A-2.3percent.),or nil per cent., whichever is the greater;
(b) in a case where a foreign currency discount rate is to apply (see regulation 5), the discount rate shall be found from the formula—
(A-2.3per cent.)+(B-C),or nil per cent., whichever is the greater.

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Source: https://www.legislation.gov.uk/uksi/2001/1757/regulation/5.4 (the official version)
Page: https://openlegislation.uk/general-insurance-reserves-tax-regulations-2001/regulation-5.4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.