Regulation 4 Comparison Table
The Table for the purposes of the comparison referred to in regulation 3 is as follows—
| Category | Column 1 Amounts shown in the 2012 periodical return | Column 2 Amounts shown in the 2012 balance sheet attributable to long-term business | |
|---|---|---|---|
| 1 | None | Deferred acquisition costs (however described in the balance sheet) and other tax deductible amounts, which represent costs relieved for tax in an accounting period ending on or before 31 December 2012 but which are debited in accounts for an accounting period beginning after that date | |
| 2 | None | Amount included as an asset in respect of the value of future profits arising from a business (or part of a business) transferred to the company (but excluding an asset so far as it is regarded for accounting purposes as internally-generated) | |
| 3 | None | Loan liability where receipt of the loan was brought into account in line 15 of Form 40 of any periodical return which is, or which represents, an outstanding contingent loan | |
| 4 | None | Liability under a financial re-insurance arrangement which represents an outstanding re-insurance amount | |
| 5 | None | Amount in respect of intangible assets to which Part 8 of CTA 2009f1 (intangible fixed assets) would apply but for section 902 of that Act | |
| 6 | Amount in respect of the admissible value of structural assets held in a non-profit fund, reduced by any increase and increased by any decrease reflected in that value to the extent that subsection (1) of section 83XA of the Finance Act 1989 (structural assets)f2 has not applied to that increase or decrease | Amount in respect of structural assets | |
| 7 | None | Deferred income reserves and other amounts which represent income taxed in an accounting period ending on or before 31 December 2012 but which are credited in accounts for an accounting period beginning after that date | |
| 8 | Amounts included in line 21 of Form 14 to the extent they relate to deferred policyholder tax | The closing deferred policyholder tax balance for the period of account where it is a net liability (subject to regulation 5(2) and (3)) | |
| 9 | Amounts— (a) that are not taxable or not deductible under Part 3 of CTA 2009 (Trading Income) as that Part applies to insurance companies, or (b) that are unrecognised capital amounts included in line 51 of Form 14, (subject to regulation 5(2), (4) and (5)) | Amounts— (c) that are not taxable or not deductible under Part 3 of CTA 2009 as that Part applies to insurance companies, or (d) that relate to a non-profit fund included in the fund for future appropriations or the unallocated divisible surplus, (subject to regulation 5(2) and (5)) | |
| 10 | Amounts in relation to which the taxability or deductibility (or the timing of taxability or deductibility) in computing the company’s life assurance trade profits is determined in accordance with a specific provision of the Corporation Tax Actsf3 applying to such an amount where the same provision applies before and after the commencement of Part 2 of the Finance Act 2012 | Equivalent amounts in relation to which the taxability or deductibility (or the timing of taxability or deductibility) in computing the company’s life assurance trade profits is determined in accordance with a specific provision of the Corporation Tax Acts applying to such an amount where the same provision applies before and after the commencement of Part 2 of the Finance Act 2012 | |
| 11 | Amount in respect of linked assets (or part asset) | Amount in respect of linked assets (or part asset) | |
| 12 | Mathematical reserves net of reinsured liabilities (subject to regulation 5(2)) | Technical provisions net of reinsured liabilities (subject to regulation 5(2)) | |
| 13 | Amount included in line 51 of Form 14 relating to with-profits funds | Fund for future appropriations or the unallocated divisible surplus except in so far as it includes amounts arising in a non-profit fund | |
| 14 | Amount included in line 51 of Form 14 relating to non-profit funds except in so far as this includes— | None | |
| (a) | amounts brought into account by section 83YA of the Finance Act 1989 (changes in value of assets brought into account: non-profit companies)f4, or | ||
| (b) | unrecognised capital amounts, | ||
| reduced by the amount of any increase, and increased by the amount of any decrease, reflected in the admissible value of structural assets held in a non-profit fund to the extent that subsection (1) of section 83XA of the Finance Act 1989 (structural assets) has not applied to that increase or decrease (see also regulation 5(1)) | |||
| 15 | None (subject to regulation 5(2) and (4)) | The closing deferred policyholder tax balance for the period of account where it is a net asset (subject to regulation 5(2) and (3)) | |
| 16 | Amounts reflected in the cumulative taxed surplus which are not taken into account in determining any particular item in relation to categories 1 to 15 and which are referable to particular policies | Amounts reflected in the amount attributed to shareholders as at 31 December 2012 which are not taken into account in determining any particular item in relation to categories 1 to 15 and which are referable to particular policies | |
| 17 | Amounts reflected in the cumulative taxed surplus which are not taken into account in determining any particular item in relation to any other category | Amounts reflected in the amount attributed to shareholders as at 31 December 2012 which are not taken into account in determining any particular item in relation to any other category | |
Annotations
Footnotes
- f1
-
“CTA 2009” is defined in section 228 of the Finance Act 2012 as the Corporation Tax Act 2009 (c. 4).
- f2
-
1989 c. 26. Section 83XA was inserted by paragraph 2(1) of Schedule 10 to the Finance Act 2007 (c. 11) and has been amended by paragraph 7 of Schedule 17 to the Finance Act 2008 (c. 9).
- f3
-
“The Corporation Tax Acts” is defined in Schedule 1 to the Interpretation Act 1978 (c. 30) as meaning the enactments relating to the taxation of the income and chargeable gains of companies and of company distributions”.
- f4
-
Section 83YA was inserted by paragraph 7(1) of Schedule 11 to the Finance Act 2006 (c. 25) and has been amended by paragraphs 7(2) of Schedule 9, by paragraphs 8(2) and 17(2) of Schedule 10 and by Part 2(10) of Schedule 27 to the Finance Act 2007 and by articles 24 and 26 of S.I. 2008/381.