Regulation 8 Elections under section 107(4), or paragraph 4(2) of Schedule 24 to the Taxes Act

The period during which a general insurer may make an election in accordance with subsection (4) of section 107^f1 is the period of two years immediately succeeding the period of account first mentioned in that subsection, subject to paragraph (2).

Where a general insurer delivers a tax return based wholly or partly on accounts drawn up using the method described in paragraph 52 of Schedule 9A^f2 (which provides for a technical provision to be made in the accounts which is later replaced by a provision for estimated claims outstanding) the period in paragraph (1) is extended until two years from the date on which the provision was replaced.

Where a general insurer which is a controlled foreign company draws up accounts using a method falling within section 755B(2)^f3, the period of twenty months mentioned in paragraph 4(2) of Schedule 24 to the Taxes Act (elections by a United Kingdom resident company or companies) shall be extended until two years immediately following the close of the underwriting year (within the meaning in section 754AA(11)^f4).