This Chapter deals with the taxation treatment of insurance companies. Insurance is divided generally into two main types – general and life. These are taxed in different ways.

For accounting periods beginning on or after 1 January 2013, the life assurance taxation regime changed fundamentally.

The new regime, effective from 1 January 2013, is explained from ¶780-105 to ¶780-285.

The provisions applying for accounting periods ending on or before 31 December 2012 are dealt with from ¶781-105 to ¶781-245.

For tax purposes, an insurance company is (FA 2012, s. 65) either:

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