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Finance Act 2009

Summary

1.Section 47 provides a Treasury power to make regulations which will have the effect of allowing corporate and partnership members of the Lloyd’s insurance market to claim tax relief on establishing reserves equivalent to those made by general insurance companies under the equalisation reserves rules made by the Financial Services Authority (FSA). These rules recognise the volatility of certain classes of general insurance business and the possibility of large, but intermittent, losses.

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