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Implications of Insurance Tax Accounting

Matthew Taylor, Partner, Ernst & Young's Insurance Tax group, alerts us to a particular aspect of tax accounting, which has caused much debate

 
Matthew Taylor Partner Ernst & Young's Insurance Tax group alerts us to a particular aspect of tax accounting which has caused much debate
 
Accounting used to be peripheral to life assurance taxation but this is no longer the case. Both standard setters and companies are concerned at the effects which accounting for tax can have on reported profits. This article deals with one particular aspect of tax accounting which has caused much debate in recent times.
 
The problem arises from the way in which the I minus E basis1 taxes UK life insurance companies on profits which include as a minimum the profits...

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