{
  "url": "https://openlegislation.uk/finance-no-2-act-2023/section-32",
  "json_url": "https://openlegislation.uk/finance-no-2-act-2023/section-32.json",
  "legislation": "ukpga/2023/30",
  "legislation_title": "Finance (No. 2) Act 2023",
  "legislation_url": "https://openlegislation.uk/finance-no-2-act-2023",
  "path": "section/32",
  "kind": "section",
  "number": "32",
  "heading": "Insurers in difficulties: write-down orders for corporation tax purposes",
  "text": "(1) In Part 3 of CTA 2009 (trading income), after section 130 insert—\n“Insurers in financial difficulties: write-down orders\n130A (1) A receipt or expense that is attributable to the operation of a write-down order, or to a write-down order ceasing to have effect, is not brought into account in calculating the profits of a trade.\n(2) In this section “write-down order” means an order under section 377A of the Financial Services and Markets Act 2000 (court order writing down liabilities of insurer).”\n(2) Part 5 of CTA 2009 (loan relationships) is amended as follows.\n(3) After section 323A insert—\n“Insurers in financial difficulties: write-down orders\n323B (1) Subsection (2) applies if a debtor relationship of a company is modified by a write-down order.\n(2) The company is not required to bring into account for the purposes of this Part a credit in respect of any change in the carrying value of the liability representing the modified debtor relationship.\n(3) If as a result of subsection (2) no credit was brought into account in respect of a change in the carrying value of a liability representing a debtor relationship, the company may not bring into account a debit for the purposes of this Part in respect of a change in the carrying value of that liability, to the extent that the change represents a reversal of the change in carrying value to which subsection (2) applied.\n(4) In this section “write-down order” means an order under section 377A of the Financial Services and Markets Act 2000 (court order writing down liabilities of insurer).”\n(4) In section 465B (“tax-adjusted carrying value”), in subsection (9), after paragraph (d) insert—\n“(da) section 323B (insurers in financial difficulties: write-down orders),”.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2023/30/section/32",
    "retrieved_at": "2026-10-29T08:52:11.242356+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."
}