{
  "url": "https://openlegislation.uk/insurance-contracts-tax-change-in-accounting-standards-regulations-2022/regulation-7",
  "json_url": "https://openlegislation.uk/insurance-contracts-tax-change-in-accounting-standards-regulations-2022/regulation-7.json",
  "legislation": "uksi/2022/1165",
  "legislation_title": "The Insurance Contracts (Tax) (Change in Accounting Standards) Regulations 2022",
  "legislation_url": "https://openlegislation.uk/insurance-contracts-tax-change-in-accounting-standards-regulations-2022",
  "path": "regulation/7",
  "kind": "regulation",
  "number": "7",
  "heading": "Transfers of business in the transitional period: transferee within charge to corporation tax",
  "text": "(1) This regulation applies if—\n(a) under an insurance business transfer scheme, there is a transfer from one insurance company to another of long-term business (or any part of that business),\n(b) the transfer occurs at a time when the full amount of the receipts or expenses within regulation 5 of the business the whole or part of which is transferred has not been treated as arising, and\n(c) the transferee—\n(i) is within the charge to corporation tax in relation to the transfer, and\n(ii) is not a mutual life insurance company (within the meaning of section 129(3) of the Finance Act 2012).\n(2) Subject to paragraph (3), the receipts or expenses are to continue to be dealt with in accordance with these Regulations but are treated as arising to the transferee over so much of the transitional period in question as falls on or after the date on which the transfer takes place.\n(3) If only part of a business is transferred—\n(a) the appropriate amount of the receipts or expenses is treated as arising to the transferee over so much of the transitional period in question as falls on or after the date on which the transfer takes place, and\n(b) the remainder of the receipts or expenses is treated as arising to the transferor over that period.\n(4) In paragraph (3)(a), “the appropriate amount” means the amount that fairly represents the amount of the receipts or expenses which has not been treated as arising and is attributable to the part of the business transferred immediately before the transfer.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2022/1165/regulation/7",
    "retrieved_at": "2026-10-28T21:53:48.223591+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."
}