Hostname: page-component-76dd75c94c-5fx6p Total loading time: 0 Render date: 2024-04-30T09:33:17.674Z Has data issue: false hasContentIssue false
  • English
  • Français

The Puzzle of Life Office Tax

Published online by Cambridge University Press:  10 June 2011

T.C. Sole
T.C. Sole
Affiliation:
State Insurance Limited, Microsoft House, 3-11 Hunter Street, P.O. Box 5037, Wellington, New Zealand. Tel: + 64 4 496 9601; Fax: + 64 4 471 6952; E-mail: tim.sole@norwich.co.nz
Get access Rights & Permissions [Opens in a new window]

Abstract

This paper takes a broad look at tax in general and some of the tax issues peculiar to life offices. A theoretical model for the taxation of life offices and their policyholders is then developed. Moving from theory to practice, the paper then offers its own solution to the ‘puzzle’. Appended by way of background reading are brief histories and summaries of life office tax in the UK, New Zealand, USA and Canada.

Keywords

Life OfficeProfitsTax
Type
Sessional meetings: papers and abstracts of discussions
Information
British Actuarial Journal , Volume 1 , Issue 1 , 01 April 1995 , pp. 79 - 105
Copyright
Copyright © Institute and Faculty of Actuaries 1995

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Bannon, J.P. (1990). Managing XSE - the forgotten asset? Staple Inn Actuarial Society.Google Scholar
Berg, R. (1980). The historical origins of the taxation of life assurance business.Google Scholar
Bergquist, W.E. (1989). Principles of taxation. Society of Actuaries.Google Scholar
Croft, P.J. (1986). The taxation of life insurance companies in New Zealand.Google Scholar
Gillett, A. (1988). Afable (being, in part, a who-dun-it of life office financial management). Staple Inn Actuarial Society.Google Scholar
Harper, I.R. (1981). Taxation and life insurance: a theoretical analysis. Australian National University.Google Scholar
Kaye, G.D. (1988). Life assurance taxation. Considered comments in response to the Inland Revenue's Consultative Document Concerning the Taxation of Life Insurance.Google Scholar
Kirkwood, C.G. (1989). Notes on taxation - life assurance.Google Scholar
Kpmg Peat Marwick McLintock (1988). The taxation of life assurance — a consultative document, Insurance Bulletin.Google Scholar
Lechmere, D.J. & Seeland, R.C.A. (1988). Life office taxation. Paper presented to Norwich Actuarial Society.Google Scholar
Lundie, W. (1962). The development and incidence of United Kingdom taxation in relation to mutual life assurance. T.F.A. 27, 365–423.Google Scholar
Macleod, J.S. & Levitt, A. (1988). Taxation of insurance business. Butterworths (London and Edinburgh).Google Scholar
Mayne, P.D. (1978). The effects of taxation on the life assurance market. Faculty of Actuaries Students' Society.Google Scholar
Mehta, S.J.B. & Instance, J. (1990). Taxation in the assessment of profitability of life assurance products and of life office appraisal values. Staple Inn Actuarial Society.Google Scholar
New Zealand Government (1988). Consultative document on superannuation and life insurance. Volumes 1 and 2.Google Scholar
New Zealand Government (1989). Tax treatment of life insurance and related areas, Report of the Consultative Committee.Google Scholar
Price Waterhouse (Australia) (1989). An overview of taxation changes facing life offices in the climate of taxation and retirement income policies reform.Google Scholar
Satoh, T. & Hikasa, K. (1984). Flistory of corporation taxation of life insurance companies in Japan. Transactions of the 22nd International Congress of Actuaries.Google Scholar
U.K. Inland Revenue (1988). The taxation of life assurance, a consultative document.Google Scholar