Life Funds Taxation Review
To give a complete review of the main accounting and tax aspects of life assurance and pensions operations including investment administration. The course will be a useful overview for those new to the area or will provide a refresher and will increase delegates' understanding of the areas covered. Delegates will not prepare Life Tax computation.
Accountants and Accounting staff
Insurance Brokerage executives and staff including Sales
Juniors and supervisors in Investment Accounting
Product and marketing staff
IT and systems staff when developing systems in this area
Internal audit and compliance staff
-Overview of the Life Tax Computation specifying schedules and cases.
-Taxation of a Mutual and a Friendly Society compared.
-Outline of the Notional Case 1 and I-E computations for a proprietary company.
-Explanation of the difference between business and funds.
-Comparison of the accounting of tax at business and fund level.
-Taxation of pension funds in a Life Office.
-PHI and CICs taxation.
-Taxation basis for Unit Linked funds.
-Taxation of property funds and gains.
-Taxation of Exempt Funds.
-Providing CGT in a Life Fund:-
- method and calculation
- taxation of unrealised gains
- equalisation calculation
-Deemed disposals of unit trusts and corporate streaming.
-Outline of Actuarial Reserving basis for investment returns and reporting to the DTI.
-Review of the taxation of surplus, mathematical reserves and embedded value.
-Technical and Non-Technical accounts and the Balance Sheets - comparison to
the DTI return -a walk through each.
-Reinsurance Accounting and taxation.
-Taxation and the effect of withdrawal of ACT and FIDs on Life Funds.
-Effect of tax in pricing and on units.
-Bonus allocation and reservation for policy holders.
-Spreading of Management Expenses.
-Annuity Business and deduction of interest.
-Accrued income and taxation of interest for Life Companies including accruals election and mark to market basis.
-Differences from the Accrued Income Scheme.
-Accounting for double taxation, imputation taxes and export credits (such as Avoir Fiscale).
-Schedule 2c transfers and the merger of funds.
-Outline of VAT.
|Duration|| 2 days|
|Available as an in-house course|
Investment Education PLC
45 Old Hall Road, Manchester M7 4JF, United Kingdom
Tel:+44 (0)161 832 3800
Registered in England Number 2129160
VAT Registered Number GB 480 2112 85
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