The Insurance Companies (Reserves) (Tax) (Amendment) Regulations 2008
These Regulations amend the Insurance Companies (Reserves) (Tax) Regulations 1996 (S.I. 1996/2991) (“the principal Regulations”). The principal Regulations provide for the taxation of two different types of equalisation reserve which are required to be maintained by insurance companies. The amendments are in consequence of the Finance Act 2003, the Commissioners for Revenue and Customs Act 2005 (s. 11) (“CRCA 2005”), the Companies Act 2006 (c. 46) and as a result of changes to the Statement of Recommended Practice on Accounting for Insurance Business, the Financial Services Authority Sourcebooks and the way UK GAAP is applied to insurance companies.