2015 No. 1999

Corporation Tax
Income Tax

The Finance Act 2012, Sections 26 and 30 (Abolition of Relief for Equalisation Reserves) (Specified Day) Order 2015

Made

Coming into force

The Treasury in exercise of the powers conferred by sections 26(3) and 30(3) of the Finance Act 20121 make the following Order.

Citation1

This Order may be cited as the Finance Act 2012, Sections 26 and 30 (Abolition of Relief for Equalisation Reserves) (Specified Day) Order 2015.

Specified Day2

The amendments made by sections 26 of the Finance Act 2012 and the repeal effected by section 30(2) of the Finance Act 2012 have effect for accounting periods ending on or after 1st January 2016.

Charlie ElphickeDavid EvennettTwo of the Lords Commissioners of Her Majesty’s Treasury
EXPLANATORY NOTE

(This note is not part of the Order)

Section 26 of the Finance Act 2012 (c.14) repeals (with consequential amendments) sections 444BA to 444BD of the Income and Corporation Taxes Act 1988 (c.1) which make provision for equalisation reserves for the purposes of general insurers.

By section 26(3) of the Finance Act 2012 the amendments made by section 26 have effect in relation to accounting periods ending on or after a day as specified by an order made by the Treasury.

Section 30(2) of the Finance Act 2012 repeals section 47 of the Finance Act 2009 (c. 10) which makes provision for equalisation reserves for Lloyd’s corporate and partnership members.

By section 30(3) of the Finance Act 2012, the repeal has effect in respect of accounting periods ending on or after a day as specified by an order made by the Treasury.

This Order specifies 1st January 2016 as the specified day for the purposes of sections 26(3) and 30(3) of the Finance Act 2012.

A Tax Information and Impact Note has not been prepared for this instrument as it gives effect to previously announced policy.