# The Insurance Contracts (Tax) (Change in Accounting Standards) Regulations 2022, Regulation 8: Transfers of business in the transitional period: other cases


(1) This regulation applies if—
(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),
(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
(c) regulation 7 does not apply.
(2) Subject to paragraph (3), the remaining amount of the receipts or expenses is to be treated as arising to the transferor in the accounting period in which the transfer takes place.
(3) If only part of a business is transferred—
(a) the appropriate amount of the receipts or expenses is treated as arising to the transferor in the accounting period in which the transfer takes place, and
(b) the remainder of the receipts or expenses is treated as arising to the transferor over the remainder of the transitional period.
(4) In paragraph (3)(a), “the appropriate amount” means the amount which 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.

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Source: https://www.legislation.gov.uk/uksi/2022/1165/regulation/8 (the official version)
Page: https://openlegislation.uk/insurance-contracts-tax-change-in-accounting-standards-regulations-2022/regulation-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.