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class="gem-c-metadata__definition">26 September 2022</dd> </dl> </div> </div> <div class="govuk-grid-column-one-third"> </div> </div> </div> <div class="govuk-!-display-none-print govuk-!-margin-bottom-6" data-module="gem-track-click"> <form class="gem-c-single-page-notification-button" action="/web/20220927020255/https://www.gov.uk/email/subscriptions/single-page/new" method="POST" data-track-label="/government/consultations/draft-the-insurance-contracts-tax-change-in-accounting-standards-and-the-finance-act-2022-part-2-of-schedule-5-commencement-and-transitional-p" data-track-action="Subscribe-button-top" data-track-category="Single-page-notification-button" data-button-location="top"> <input type="hidden" name="base_path" value="/government/consultations/draft-the-insurance-contracts-tax-change-in-accounting-standards-and-the-finance-act-2022-part-2-of-schedule-5-commencement-and-transitional-p"> <button class="govuk-body-s gem-c-single-page-notification-button__submit" type="submit"> <svg class="gem-c-single-page-notification-button__icon" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" height="18" width="18" viewbox="0 0 459.334 459.334"><path fill="currentColor" d="M177.216 404.514c-.001.12-.009.239-.009.359 0 30.078 24.383 54.461 54.461 54.461s54.461-24.383 54.461-54.461c0-.12-.008-.239-.009-.359H175.216zM403.549 336.438l-49.015-72.002v-89.83c0-60.581-43.144-111.079-100.381-122.459V24.485C254.152 10.963 243.19 0 229.667 0s-24.485 10.963-24.485 24.485v27.663c-57.237 11.381-100.381 61.879-100.381 122.459v89.83l-49.015 72.002a24.76 24.76 0 0 0 20.468 38.693H383.08a24.761 24.761 0 0 0 20.469-38.694z"></path></svg>Get emails about this page </button> </form> </div> <div class="govuk-grid-row"> <div class="govuk-grid-column-two-thirds"> <section class="app-c-banner app-c-banner--aside" aria-label="Notice" lang="en"> <h2 class="app-c-banner__title">Summary</h2> <p class="app-c-banner__desc"> We welcome views on the draft tax regulations to spread the transitional impact of IFRS 17 and revoke the requirement for life insurance companies to spread acquisition expenses over 7 years for tax purposes. </p> <p class="app-c-banner__desc"> This consultation closes at<br> <span class="consultation-date"><time datetime="2022-10-07T23:45:00.000+01:00">11:45pm on 7 October 2022</time></span> </p> </section> <div class="consultation-description"> <h2 class="gem-c-heading gem-c-heading--font-size-27 gem-c-heading--mobile-top-margin">Consultation description</h2> <div class="gem-c-govspeak govuk-govspeak " data-module="govspeak"> <div class="govspeak"> <p>On 16 May 2022, the UK Endorsement Board endorsed聽<abbr title="International Financial Reporting Standards">IFRS</abbr>聽17, the new international accounting standard for insurance contracts. <abbr title="International Financial Reporting Standards">IFRS</abbr> 17 will become mandatory for UK companies reporting under International Accounting Standards (<abbr title="International Accounting Standards">IAS</abbr>) for accounting periods beginning on or after 1 January 2023.</p> <p>A consultation ran between November 2021 and February 2022 to inform the design of the tax regulations to deal with the accounting change. The consultation response was published on 20 July 2022 and set out the government鈥檚 proposals.</p> <p>These regulations will exercise the powers conferred by paragraphs 1, 4 and 5 of schedule 5 to the Finance Act 2022.</p> <p>It is expected that the regulations will be made during autumn 2022 and will apply to accounting periods beginning on or after 1 January 2023.</p> <p>Before submitting your response, you can read the draft regulations on this page.</p> <p>These regulations will be of interest to:</p> <ul> <li>all insurers who report under <abbr title="International Accounting Standards">IAS</abbr> </li> <li>any non-insurers who report under <abbr title="International Accounting Standards">IAS</abbr> and who will be affected by <abbr title="International Financial Reporting Standards">IFRS</abbr> 17 because they issue contracts which meet the <abbr title="International Financial Reporting Standards">IFRS</abbr> 17 definition of an insurance contract</li> <li>all life insurance companies that write Basic Life Assurance and General Annuity Business (BLAGAB) and are currently required to spread acquisition expenses over 7 years for tax purposes under section 79 of Finance Act 2012</li> </ul> </div> </div> <section id="documents"> <h2 class="gem-c-heading gem-c-heading--font-size-27 gem-c-heading--mobile-top-margin">Documents</h2> <div class="gem-c-govspeak govuk-govspeak direction-ltr" data-module="govspeak"> <section class="attachment embedded" id="attachment_6911927"> <div class="attachment-thumb"> <a aria-hidden="true" class="thumbnail" tabindex="-1" href="http://web.archive.org/web/20220927020255/https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1106596/Draft_The_Insurance_Contracts__Tax___Change_in_Accounting_Standards__and_the_Finance_Act_2022.odt"><svg version="1.1" viewbox="0 0 99 140" width="99" height="140" aria-hidden="true"> <path d="M12 12h75v27H12zM12 59h9v9h-9zM12 77h9v9h-9zM12 95h9v9h-9zM12 113h9v9h-9zM30 59h57v9H30zM30 77h39v9H30zM30 95h57v9H30zM30 113h48v9H30z" stroke-width="0"></path> </svg> </a> </div> <div class="attachment-details"> <h3 class="title govuk-!-font-size-27 govuk-!-font-weight-regular"><a class="govuk-link" href="http://web.archive.org/web/20220927020255/https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1106596/Draft_The_Insurance_Contracts__Tax___Change_in_Accounting_Standards__and_the_Finance_Act_2022.odt">(Draft) The Insurance Contracts (Tax) (Change in Accounting Standards) and the Finance Act 2022 (Part 2 of schedule 5) Commencement and Transitional Provisions Regulations 2022</a></h3> <p class="govuk-body metadata"> <span class="type"><abbr title="OpenDocument Text document">ODT</abbr></span>, <span class="file-size">28.7 KB</span> </p> <p class="govuk-body opendocument-help"> This file is in an <a 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"2022-09-26T15:35:28.000+00:00", "text": "We welcome views on the draft tax regulations to spread the transitional impact of IFRS 17 and revoke the requirement for life insurance companies to spread acquisition expenses over 7 years for tax purposes. \r\n \r\n", "publisher": { "@type": "Organization", "name": "GOV.UK", "url": "http://web.archive.org/web/20220927020255/https://www.gov.uk", "logo": { "@type": "ImageObject", "url": "http://web.archive.org/web/20220927020255/https://www.gov.uk/assets/government-frontend/govuk_publishing_components/govuk-logo-73b5a4056ffe9988d02c728b56fe9fe7f90bb822322a5f6183ccbb92a99b019a.png" } }, "image": [ "http://web.archive.org/web/20220927020255/https://www.gov.uk/assets/government-frontend/govuk_publishing_components/govuk-schema-placeholder-1x1-bf9e64d759af6dfd93bede8168f3087a329f405b382aff36747db0db4b7b23e9.png", "http://web.archive.org/web/20220927020255/https://www.gov.uk/assets/government-frontend/govuk_publishing_components/govuk-schema-placeholder-4x3-13093f053c15f613acd827aff27cac83d3fab452947cbcae4c7b706dadf2f7f2.png", "http://web.archive.org/web/20220927020255/https://www.gov.uk/assets/government-frontend/govuk_publishing_components/govuk-schema-placeholder-16x9-4233cd42671827e266e284c4d5ae68fb600bd9f9e35dda663ccabbc2b6ab7ec3.png" ], "author": { "@type": "Organization", "name": "HM Revenue \u0026 Customs", "url": "http://web.archive.org/web/20220927020255/https://www.gov.uk/government/organisations/hm-revenue-customs" }, "about": [ { "@context": "http://web.archive.org/web/20220927020255/http://schema.org", "@type": "Thing", "sameAs": "http://web.archive.org/web/20220927020255/https://www.gov.uk/money/dealing-with-hmrc" } ], "headLine": "(Draft) The Insurance Contracts (Tax) (Change in Accounting Standards) and the Finance Act 2022 (Part 2 of schedule 5) Commencement and Transitional Provisions Regulations 2022", "description": "We welcome views on the draft tax regulations to spread the transitional impact of IFRS 17 and revoke the requirement for life insurance companies to spread acquisition expenses over 7 years for tax purposes. \r\n \r\n", "articleBody": "\u003cdiv class=\"govspeak\"\u003e\u003cp\u003eOn 16 May 2022, the UK Endorsement Board endorsed聽\u003cabbr title=\"International Financial Reporting Standards\"\u003eIFRS\u003c/abbr\u003e聽17, the new international accounting standard for insurance contracts. \u003cabbr title=\"International Financial Reporting Standards\"\u003eIFRS\u003c/abbr\u003e 17 will become mandatory for UK companies reporting under International Accounting Standards (\u003cabbr title=\"International Accounting Standards\"\u003eIAS\u003c/abbr\u003e) for accounting periods beginning on or after 1 January 2023.\u003c/p\u003e\n\n\u003cp\u003eA consultation ran between November 2021 and February 2022 to inform the design of the tax regulations to deal with the accounting change. The consultation response was published on 20 July 2022 and set out the government鈥檚 proposals.\u003c/p\u003e\n\n\u003cp\u003eThese regulations will exercise the powers conferred by paragraphs 1, 4 and 5 of schedule 5 to the Finance Act 2022.\u003c/p\u003e\n\n\u003cp\u003eIt is expected that the regulations will be made during autumn 2022 and will apply to accounting periods beginning on or after 1 January 2023.\u003c/p\u003e\n\n\u003cp\u003eBefore submitting your response, you can read the draft regulations on this page.\u003c/p\u003e\n\n\u003cp\u003eThese regulations will be of interest to:\u003c/p\u003e\n\n\u003cul\u003e\n \u003cli\u003eall insurers who report under \u003cabbr title=\"International Accounting Standards\"\u003eIAS\u003c/abbr\u003e\n\u003c/li\u003e\n \u003cli\u003eany non-insurers who report under \u003cabbr title=\"International Accounting Standards\"\u003eIAS\u003c/abbr\u003e and who will be affected by \u003cabbr title=\"International Financial Reporting Standards\"\u003eIFRS\u003c/abbr\u003e 17 because they issue contracts which meet the \u003cabbr title=\"International Financial Reporting Standards\"\u003eIFRS\u003c/abbr\u003e 17 definition of an insurance contract\u003c/li\u003e\n \u003cli\u003eall life insurance companies that write Basic Life Assurance and General Annuity Business (BLAGAB) and are currently required to spread acquisition expenses over 7 years for tax purposes under section 79 of Finance Act 2012\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003c/div\u003e" } </script><script type="application/ld+json"> { "@context": "http://web.archive.org/web/20220927020255/http://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "name": "Home", "@id": "http://web.archive.org/web/20220927020255/https://www.gov.uk/" } }, { "@type": "ListItem", "position": 2, "item": { "name": "Money", "@id": "http://web.archive.org/web/20220927020255/https://www.gov.uk/money" } }, { "@type": "ListItem", "position": 3, "item": { "name": "Dealing with HMRC", "@id": "http://web.archive.org/web/20220927020255/https://www.gov.uk/money/dealing-with-hmrc" } } ] } </script> </body> </html>

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