[GIM6150] Technical provisions: periods of account beginning on or after 1 January 2000 and ending before 19 July 2007: section 107 FA 2000: background (including commencement date and date of repeal)
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).