Life Assurance Companies
Additionally, there are special rules that apply to life assurance companies from which life assurance business is transferred under an insurance business transfer scheme. Different rules apply depending on whether section 444AA of the Income and Corporation Taxes Act 1988 applies. For transfers before 1 January 2007, s444AA applies where the whole of the transferor's long-term insurance business is being transferred and the company. It is proposed that the Finance Bill 2007 will amend this for transfers on or after 1 January, so that section 444AA applies where the whole or substantially the whole of the transferor's long-term insurance business is transferred, in which case the transfer time is taken to be the time some business is first transferred/
If section 444AA does not apply, an accounting period of the transferor company ends with the day of the transfer.
If section 444AA applies, an accounting period of the transferor company ends immediately before the transfer, and the transferor also has an accounting period covering the instant of the transfer (except for the purposes of calculating the equalisation provision for tax purposes).
Read more about this topic: Accounting Period (UK Taxation)
Famous quotes containing the words life, assurance and/or companies:
“If, then, we would indeed restore mankind ... let us first be as simple and well as Nature ourselves, dispel the clouds which hang over our own brows, and take up a little life into our pores. Do not stay to be an overseer of the poor, but endeavor to become one of the worthies of the world.”
—Henry David Thoreau (1817–1862)
“Women have a hard time of it in this world. They are oppressed by man-made laws, man-made social customs, masculine egoism, the delusion of masculine superiority. Their one comfort is the assurance that, even though it may be impossible to prevail against man, it is always possible to enslave and torture a man.”
—H.L. (Henry Lewis)
“In the U.S. for instance, the value of a homemaker’s productive work has been imputed mostly when she was maimed or killed and insurance companies and/or the courts had to calculate the amount to pay her family in damages. Even at that, the rates were mostly pink collar and the big number was attributed to the husband’s pain and suffering.”
—Gloria Steinem (20th century)