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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations make provision in relation to the taxation of insurance companies.

The Regulations specify descriptions of assets which are to be regarded for the purposes of section 137 of the Finance Act 2012 as being, or as not being, structural assets of an insurance company’s long-term business. Structural assets held for the purposes of an insurance company’s long-term business are part of the company’s long-term fixed capital and so regarded under section 122 of the Finance Act 2012 as held by the company otherwise than for the purposes of its long-term business.

A Tax Information and Impact Note (TIIN) covering this instrument will be published on the GOV.UK website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.