20Receipts 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, prepared accounts for a period which includes 31 December 2012, and
(b)parts of the income statements 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.