Finance Act 1998

Insurance companies with non-annual actuarial investigations

86 (1) This paragraph applies where a company tax return is delivered by an insurance company which is permitted by an order under section 68 of the [1982 c. 50.] Insurance Companies Act 1982 to cause investigations to be made into its financial condition less frequently than is required by section 18 of that Act.

(2) Where this paragraph applies—

(a) the company may make any amendments of its return arising from the relevant investigation at any time within twelve months from the date as at which that investigation is carried out, and

(b) the Inland Revenue may give notice of enquiry into the return at any time up to two years from that date.

(3) “The relevant investigation” means—

(a) if the return is for a period as at the end of which there is carried out an investigation under section 18 of the [1982 c. 50.] Insurance Companies Act 1982 into the financial condition of the company, that investigation;

(b) if the return is not for such a period, the first such investigation to be made into the financial condition of the company as at the end of a subsequent period.