Corporation Tax and Pensions Tax: Write downs for annuities products and insurers liabilities
This measure addresses the pensions tax and Corporation Tax consequences of court directed write-downs under proposed new section 377A of the Financial Services and Markets Act 2000 and any subsequent court-ordered variation or termination of write-down orders.
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This measure will apply to insurers who experience financial distress and have their liabilities written down by a court, and individuals who hold annuities provided by insurers who experience financial distress. These tax changes will support insurers in financial distress by averting the tax implications for both insurers and policyholders, and will ensure they do not face a tax disadvantage.