Finance Act 2012

Basic concepts U.K.

2 U.K. In this Part of this Schedule—

• “the 2012 balance sheet”, in relation to an insurance company, means—

  (a)

  an actual balance sheet of the company drawn up as at the end of 31 December 2012 in accordance with generally accepted accounting practice, or

  (b)

  a deemed balance sheet of the company under paragraph 3, and

• “the 2012 periodical return”, in relation to an insurance company, means—

  (a)

  an actual periodical return of the company covering a period ending immediately before 1 January 2013, or

  (b)

  a deemed periodical return of the company under paragraph 4.

3 (1) This paragraph applies if an insurance company does not have a balance sheet drawn up as at the end of 31 December 2012 in accordance with generally accepted accounting practice. U.K.

(2) For the purposes of this Part of this Schedule the company is deemed to have drawn up a balance sheet as at the end of 31 December 2012 in accordance with generally accepted accounting practice.

(3) For the purposes of this Part of this Schedule the entries shown in this deemed balance sheet are deemed to be those entries which would have been shown in an actual balance sheet of the company drawn up as mentioned in sub-paragraph (1).

(4) The generally accepted accounting practice that is to be applicable for the purposes of sub-paragraphs (2) and (3) is the practice that is actually adopted for the accounts of the company drawn up for the period in which 31 December 2012 falls.

4 (1) This paragraph applies if an insurance company does not have a periodical return covering a period ending immediately before 1 January 2013. U.K.

(2) For corporation tax purposes the company is deemed to have a periodical return covering the period—

(a) beginning immediately after the last period ending before 1 January 2013 that is covered by a periodical return of the company, and

(b) ending immediately before 1 January 2013.

(3) This deemed periodical return is deemed to contain such entries as would be included in an actual periodical return of the company covering the period beginning and ending as mentioned in sub-paragraph (2)(a) and (b).

(4) For corporation tax purposes the period beginning and ending as mentioned in sub-paragraph (2)(a) and (b) is deemed to be a period of account of the company.