FA00/S107, which applies to provisions set in ‘periods of account’

beginning on or after 1 January 2000, and

ending before 19 July 2007,

imposes a tax adjustment to technical provisions of general insurers that exceed the discounted cost of settling the liabilities in respect of which they were set. ‘Period of account’ means a period for which a general insurer draws up accounts (see GIM6160 for more details of definitions used in the legislation).

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