Life Funds Taxation Review Course

 Location: Available Globally

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.

Delegates

• 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

Course categories:Asset Management Inhouse, Tax Inhouse

COVERED TOPICS

-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.

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Location: Available Globally
Event date: Open date - Open date
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CONTACT US

Email: info@financialveritas.com

Phone: +44 208 133 5917