{
  "url": "https://openlegislation.uk/finance-act-2012-sections-26-and-30-abolition-of-relief-for-equalisation-reserves-specified-day-order-2015/note",
  "json_url": "https://openlegislation.uk/finance-act-2012-sections-26-and-30-abolition-of-relief-for-equalisation-reserves-specified-day-order-2015/note.json",
  "legislation": "uksi/2015/1999",
  "legislation_title": "The Finance Act 2012, Sections 26 and 30 (Abolition of Relief for Equalisation Reserves) (Specified Day) Order 2015",
  "legislation_url": "https://openlegislation.uk/finance-act-2012-sections-26-and-30-abolition-of-relief-for-equalisation-reserves-specified-day-order-2015",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Order)\nSection 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.\nBy 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.\nSection 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.\nBy 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.\nThis Order specifies 1st January 2016 as the specified day for the purposes of sections 26(3) and 30(3) of the Finance Act 2012.\nA Tax Information and Impact Note has not been prepared for this instrument as it gives effect to previously announced policy.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2015/1999/note",
    "retrieved_at": "2026-10-28T23:29:28.474850+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}