The Insurance Companies (‘The Long-term Business Fixed Capital’) Regulations, SI 2023/1236, set out which assets of a company’s long-term insurance business are ‘structural assets’ and are therefore not treated as trading assets for tax purposes. In other words, income and gains from structural assets held for the purposes of a life insurance company’s long-term business are excluded from the calculation of trading profits. The regulations have effect for accounting periods beginning on or after 1 January 2024.
The Insurance Companies (‘The Long-term Business Fixed Capital’) Regulations, SI 2023/1236, set out which assets of a company’s long-term insurance business are ‘structural assets’ and are therefore not treated as trading assets for tax purposes. In other words, income and gains from structural assets held for the purposes of a life insurance company’s long-term business are excluded from the calculation of trading profits. The regulations have effect for accounting periods beginning on or after 1 January 2024.
