Finance Act 2012 (c. 14)

SCHEDULES

SCHEDULE 17 U.K. Part 2: transitional provision

PART 1 U.K. Deemed receipts or expenses

Overseas life insurance companies U.K.

20 U.K. Receipts or expenses are not to be treated as arising under this Part of this Schedule in a case where—

(a) an overseas life insurance company has, in accordance with international accounting standards [F1 or the Council Directive of 19^th December 1991 on the annual accounts and consolidated accounts of insurance undertakings (No 91/674/EEC)], prepared accounts for a period which includes 31 December 2012, and

(b) parts of the income statements [F2 or the technical accounts (or part of the technical accounts)] included in those accounts are recognised for the purposes of sections 82A to 83ZA of FA 1989 as a result of provision made by regulation 24 of the Overseas Life Insurance Companies Regulations 2006.

Textual Amendments

F1 Words in Sch. 17 para. 20(a) inserted (31.12.2012) by The Insurance Companies (Transitional Provisions) Regulations 2012 (S.I. 2012/3009), regs. 1(1), 16(a)

F2 Words in Sch. 17 para. 20(b) inserted (31.12.2012) by The Insurance Companies (Transitional Provisions) Regulations 2012 (S.I. 2012/3009), regs. 1(1), 16(b)