Corporation Tax Act 2009 section 902

Excluded assets

Section 902 sets out specific rules about which assets are treated as excluded assets for the purposes of the intangible fixed assets regime, as they apply to insurance companies carrying on life assurance business.

• This section provides particular excluded asset rules that apply specifically to insurance companies with life assurance business.
• Excluded assets are intangible fixed assets that fall outside the scope of the corporation tax intangible fixed assets regime, meaning gains and losses on those assets are not dealt with under that regime.
• The rules recognise that life assurance business has unique characteristics requiring special treatment when determining which intangible assets should be within or outside the regime.
• The section was amended by the Finance Act 2012 to reflect changes to the taxation framework for insurance companies.