Insurance business is a trade for taxation purposes1, and the Corporation Tax Acts therefore apply to an insurance company in the same way as they apply to any other trading company, except where the law has been modified by special provisions applicable to insurance companies only.
A study of the life assurance provisions of the Corporation Tax Acts, however, is not in itself enough to give an understanding of how life insurance companies are taxed. At the end of the 19th and the beginning of the 20th centuries, a number of important disputes between life insurance companies and HMRC reached the courts. Among these were Clerical, Medical and General Life Assurance Society v Carter2, in which the Court of Appeal upheld the Crown's right to tax interest
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Web page updated on 17 Mar 2025 16:24