The Insurance Companies (Reserves) (Tax) Regulations 1996
These Regulations are made under provisions contained in sections 444BA to 444BD of the Income and Corporation Taxes Act 1988 (“the Taxes Act”). (Sections 444BA to 444BD were inserted by paragraph 1 of Schedule 32 to the Finance Act 1996.) After dealing, in Part I, with certain general matters, the Regulations make provision, in Parts II and III, for the taxation of two different types of equalisation reserve which are required to be maintained by insurance companies.