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Appropriate Amount of Technical Reserves

Following the repeal of rules dealing with the tax treatment of general insurers’ reserves, FA 2007 allowed the amount of the technical provisions stated in the accounts in the computation for tax purposes of the profits of the general insurer’s trade unless that amount exceeded the “appropriate amount”. However the concept of “appropriate amount” was not defined by statute, pending work on secondary legislation in consultation with the industry.

Claims Equalisation Reserves for Lloyd's members

The Finance Act 2009 provided for regulations to allow members of the Lloyd’s insurance market to claim tax relief broadly equivalent to that of other general insurers who are required to maintain claims equalisation reserves.

Budget 2009 - General Insurance Companies

The following changes have been announced for general insurers and Lloyd's members.

National contacts

Howard Jones

Howard Jones

Partner
+44 (0)20 7063 4297 or +44 (0) 7794 031 167

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Carine Beidas

Financial Services Tax Senior Manager
+44 (0)20 7063 4311

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