PART 2Insurance companies carrying on long-term business

CHAPTER 12Supplementary

Powers conferred on Treasury or HMRC Commissioners

142Power to amend Part 2 etc

1

If, in consequence of the exercise of any power under FISMA 2000, they consider it expedient to do so, the Treasury may by order amend—

a

this Part, or

b

any other provision of the Corporation Tax Acts that makes special provision in relation to insurance companies, any category of life assurance business carried on by insurance companies or long-term business carried on by insurance companies.

2

An order under subsection (1) may be made so as to have effect in relation to—

a

any period ending on or before the day on which the order is made, or

b

any period beginning before and ending after that day,

but only if the power under FISMA 2000 is exercised so as to have effect in relation to the period.

3

An order under subsection (1) may—

a

make different provision for different cases or circumstances, and

b

contain incidental, supplementary, consequential, transitional, transitory or saving provision.