{
  "url": "https://openlegislation.uk/insurance-companies-reserves-tax-regulations-1996/regulation-8",
  "json_url": "https://openlegislation.uk/insurance-companies-reserves-tax-regulations-1996/regulation-8.json",
  "legislation": "uksi/1996/2991",
  "legislation_title": "The Insurance Companies (Reserves) (Tax) Regulations 1996",
  "legislation_url": "https://openlegislation.uk/insurance-companies-reserves-tax-regulations-1996",
  "path": "regulation/8",
  "kind": "regulation",
  "number": "8",
  "heading": "Certain insurance business carried on outside the United Kingdom",
  "text": "(1) This regulation applies in any case where for any accounting period—\n(a) an equivalent reserve is maintained, otherwise than by virtue of section 34A regulations, in respect of any insurance business (within the meaning of the 1982 Act) which is carried on outside the United Kingdom by a company resident in the United Kingdom, and\n(b) the condition specified in paragraph (2) is satisfied.\n(2) The condition is that the company prepares statutory accounts in which the balance sheet includes as a liability an amount in respect of an equalisation reserve which is equal to the amount which it would have been required to include as a liability in respect of an equalisation reserve maintained by virtue of section 34A regulations if the company had been subject to such regulations.\n(3) For the purpose of calculating the amount of the liability referred to in paragraph (2), any amount in the company balance sheet denominated in a currency other than sterling is to be translated into sterling at the London closing exchange rate on the last day of the accounting period in question.\n(4) Section 444BA shall have effect, subject to the modification specified in paragraph (5), in relation to the equalisation reserve included in the statutory accounts as it has effect in relation to equalisation reserves maintained by virtue of section 34A regulations.\n(5) Section 444BA shall be modified so as to provide in addition that in any case where, after the condition specified in paragraph (2) has been satisfied in an earlier accounting period, that condition ceases to be satisfied in a later accounting period, then, for the purposes of the Tax Acts—\n(a) any balance which exists in the reserve at the end of the later accounting period shall be deemed to have been transferred out of the reserve immediately before the end of that accounting period;\n(b) that transfer shall be deemed to be a transfer in respect of that company’s business for that accounting period; and\n(c) the amount of the reserve shall thereupon be deemed to be nil.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "words omitted",
      "affecting": "uksi/2001/3629",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001"
    },
    {
      "type": "added",
      "affecting": "uksi/2001/3629",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2001/3629",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2001/3629",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2001/3629",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001"
    },
    {
      "type": "applied",
      "affecting": "uksi/2008/2646",
      "affecting_title": "The Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) Regulations 2008"
    },
    {
      "type": "words inserted",
      "affecting": "uksi/1999/1408",
      "affecting_title": "The Non-resident Companies (General Insurance Business) Regulations 1999"
    },
    {
      "type": "modified",
      "affecting": "uksi/2006/3389",
      "affecting_title": "The Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) (No. 2) Regulations 2006"
    },
    {
      "type": "word substituted",
      "affecting": "uksi/2002/1409",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2002"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/2991/regulation/8",
    "retrieved_at": "2026-10-29T12:31:17.211395+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."
}