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
  • Junior actuaries
  • Taxation 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.

    Todays Date:

    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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