Consultations & legislation
Solvency II and the Taxation of Insurance Companies
Issued: 10 March 2010
Open date: 10 March 2010
Close date: 02 June 2010
The EU Solvency Directive II will supersede the current regulatory reporting requirements for insurance companies. This consultation explores the implications for both life and general insurers, and about the future of life company taxation
The EU Solvency Directive II will supersede the current regulatory reporting requirements for insurance companies. The taxation of life companies is at present based on the regulatory reporting, so changes will be needed to the life company tax code. Solvency II will also impact on the taxation of non-life insurance companies. These changes will occur against the background of anticipated new accounting standards for insurance companies.
The Government has already been consulting informally on the changes needed, and has now published this formal consultation document, which explores the implications for both life and general insurers, and invites wider debate about the future of life company taxation.
Open day
An Open Day was held at HM Treasury on Monday 12th July to discuss the responses to the consultation, Solvency II and the Taxation of Insurance Companies. The attached slide pack was presented at that event.
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