Paragraph 20
United Kingdom
Receipts or expenses are not to be treated as arising under this Part of this Schedule in a case where—
an overseas life insurance company has, in accordance with international accounting standards F1or the Council Directive of 19th December 1991 on the annual accounts and consolidated accounts of insurance undertakings (No 91/674/EEC), prepared accounts for a period which includes 31 December 2012, and
parts of the income statements F2or the technical accounts (or part of the technical accounts) 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.
Annotations
Textual amendments
- F1
Words in Sch. 17 para. 20(a) inserted (31.12.2012) by The Insurance Companies (Transitional Provisions) Regulations 2012 (S.I. 2012/3009), regs. 1(1), 16(a)
- F2
Words in Sch. 17 para. 20(b) inserted (31.12.2012) by The Insurance Companies (Transitional Provisions) Regulations 2012 (S.I. 2012/3009), regs. 1(1), 16(b)