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Taxation in the Assessment of Profitability of Life Assurance Products and of Life Office Appraisal Values

  • Shyam Mehta

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This paper describes how the system of life office taxation in the U.K. impinges on the amount and the emergence of life assurance business profit. It considers how to allow for taxation in the assessment of product profitability and company valuation. Finally, the paper provides a brief overview of the methods of taxation of alternative savings products and of tax systems in the European Community, with a view to drawing conclusions as to possible future changes to the framework of life taxation in the U.K.

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1. Various Taxes Acts, in particular:

Income and Corporation Taxes Act 1970 (“ICTA 1970”)

Capital Gains Tax Act 1979 (“CGTA 1979”)

Finance Act 1985

Income and Corporation Taxes Act 1988 (“ICTA 1988”)

Finance Act 1989 (“FA 1989”)

Finance Act 1990 (“FA 1990”)

Finance Act 1991 (“FA 1991”).

2. European Taxation:

1990 International Bureau of Fiscal Documentation.

3. Taxation of Insurance Business:

Macleod, James S. and Levitt, Arthur, Butterworths, 1988.

Taxation in the Assessment of Profitability of Life Assurance Products and of Life Office Appraisal Values

  • Shyam Mehta

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