# Finance Act 2012, Paragraph 20

Extent: E+W+S+N.I.

Receipts or expenses are not to be treated as arising under this Part of this Schedule in a case where—
(a) an overseas life insurance company has, in accordance with international accounting standards or 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
(b) parts of the income statements or 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.

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Source: https://www.legislation.gov.uk/ukpga/2012/14/schedule/17/paragraph/20 (the official version)
Page: https://openlegislation.uk/finance-act-2012/schedule-17/paragraph-20
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.