Tax reporting implications of life tax reform

The Finance Bill 2012 - 2013 means significant changes for life companies, particularly in the accounts. With the bill expected to have its third reading, and therefore be substantively enacted for the purposes of IFRS and UK GAAP, in summer 2012, changes will take effect on 1 January 2013.

In this short paper PwC considers how each of the significant changes to the life tax rules may be reflected in the financial statements in 2012 and future periods.