# The Insurance Contracts (Tax) (Change in Accounting Standards) Regulations 2022, Regulation 9: Cessation of long-term business in the transitional period


(1) This regulation applies if—
(a) an insurance company ceases at any time to carry on basic life and general annuity business or non-BLAGAB long-term business otherwise than as a result of an insurance business transfer scheme, and
(b) at that time the full amount of the receipts or expenses within regulation 5 of the business has not been treated as arising to the company.
(2) The remaining amount of the receipts or expenses of that business are treated as arising to the company in the accounting period in which it ceases to carry on the business concerned.
(3) For the purposes of this regulation, an insurance company is to be regarded as ceasing to carry on a business at any time if, at that time, it ceases to be within the charge to corporation tax in relation to the business.

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Source: https://www.legislation.gov.uk/uksi/2022/1165/regulation/9 (the official version)
Page: https://openlegislation.uk/insurance-contracts-tax-change-in-accounting-standards-regulations-2022/regulation-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.