On 14 February 2013, HMRC published interim guidance on the new corporate tax regime for life insurance companies, which commenced on 1 January 2013. The interim guidance relates to:
- the operation of the rules for allocation of income, gains and profits and losses under the new regime (see here);
- the operation of the rules for the tax treatment of transfers of long-term business under the new regime (see here); and
- the interaction of the new regime with the controlled foreign companies legislation (see here).
The interim guidance focuses on key aspects of the new regime and will be replaced by comprehensive guidance on the entirety of the new regime in due course.