HMRC consults on IFRS 17 regulations

HMRC is consulting on draft regulations that will spread the transitional impact of IFRS 17 and revoke the requirement for life insurance companies to spread acquisition expenses over seven years.

The draft Insurance Contracts (Tax) (Change in Accounting Standards) and the Finance Act 2022 (Part 2 of schedule 5) Commencement and Transitional Provisions Regulations 2022 are expected to apply for accounting periods beginning on or after 1 January 2023.

Consultation on the draft legislation closes on 7 October 2022.