# The Insurance Contracts (Tax) (Change in Accounting Standards) Regulations 2022, Regulation 6: Transitional period over which the transitional amount brought into account


(1) A receipt or expense within regulation 5 is to be treated as arising over the period of 10 years (“the transitional period”) beginning with the first day of the first accounting period in which accounts are prepared based on IFRS 17.
(2) The amount of the receipt or expense apportioned to (and treated as arising in) any accounting period falling wholly or partly in the transitional period is to be determined in proportion to the number of days in the accounting period falling within the transitional period.
(3) This regulation is subject to regulations 7 to 10 (transfers and cessation of business and elections under section 18A of the Corporation Tax Act 2009).

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Source: https://www.legislation.gov.uk/uksi/2022/1165/regulation/6 (the official version)
Page: https://openlegislation.uk/insurance-contracts-tax-change-in-accounting-standards-regulations-2022/regulation-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.