Finance Act 2022

PART 2 U.K. Amendments in connection with IFRS 17

2 U.K. In FA 2012 omit section 79 (spreading of acquisition expenses).

Commencement Information

I1 Sch. 5 para. 2 not in force at Royal Assent, see Sch. 5 para. 4

I2 Sch. 5 para. 2 in force at 1.1.2023 with effect in relation to accounting periods of companies beginning on or after 1.1.2023 by S.I. 2022/1164, reg. 2(1) (with reg. 2(2))

3 (1) In consequence of the amendment made by paragraph 2 the following amendments are made. U.K.

(2) In FA 2012—

(a) in section 76 (meaning of “adjusted BLAGAB management expenses”)—

(i) omit Step 2;

(ii) in Step 4 omit “(adjusted, where relevant, in accordance with step 2)”;

(b) in section 77 (meaning of “ordinary BLAGAB management expenses” etc)—

(i) in subsection (2), in paragraph (a) omit “(but see subsection (3))”;

(ii) omit subsection (3) (acquisition expenses falling to be debited in successive accounting periods);

(c) in section 78—

(i) in subsection (3) (meaning of “deemed BLAGAB management expense for the accounting period”) omit “section 79 or”;

(ii) in subsection (4) (meaning of “expenses reversed in the accounting period”), in paragraph (a) omit the words in brackets;

(d) omit section 80 (section 79: meaning of “acquisition expenses”);

(e) in section 81 (amounts treated as ordinary BLAGAB management expenses) omit subsection (5);

(f) in section 82(2) (restrictions in relation to ordinary BLAGAB management expenses) omit the words from “; but” to the end;

(g) in section 108(3) (meaning of a “BLAGAB matter”) omit paragraph (b);

(h) in section 128 (relief for transferee in respect of transferor’s BLAGAB expenses)—

(i) in the heading, after “transferor’s” insert “excess”;

(ii) omit subsections (2) to (4);

(i) in Part 3 of Schedule 16 (minor and consequential amendments), in paragraph 210 (amendment of section 1297 of CTA 2009) omit sub-paragraph (3).

(3) In section 1297 of CTA 2009 (basic life assurance and general annuity business) omit subsections (2) and (3).

Commencement Information

I3 Sch. 5 para. 3 not in force at Royal Assent, see Sch. 5 para. 4

I4 Sch. 5 para. 3 in force at 1.1.2023 with effect in relation to accounting periods of companies beginning on or after 1.1.2023 by S.I. 2022/1164, reg. 2(1) (with reg. 2(2))

4 U.K. This Part comes into force on such day as the Treasury may by regulations appoint (and different days may be appointed for different purposes).

Commencement Information

I5 Sch. 5 para. 4 not in force at Royal Assent, see Sch. 5 para. 4

I6 Sch. 5 para. 4 in force at 1.1.2023 with effect in relation to accounting periods of companies beginning on or after 1.1.2023 by S.I. 2022/1164, reg. 2(1)

5 U.K. The Treasury may by regulations make transitional, transitory or saving provision in connection with the coming into force of this Part.

Commencement Information

I7 Sch. 5 para. 5 not in force at Royal Assent, see Sch. 5 para. 4

I8 Sch. 5 para. 5 in force at 1.1.2023 with effect in relation to accounting periods of companies beginning on or after 1.1.2023 by S.I. 2022/1164, reg. 2(1)

6 U.K. Regulations under paragraph 5 may make different provision for different purposes.

Commencement Information

I9 Sch. 5 para. 6 not in force at Royal Assent, see Sch. 5 para. 4

I10 Sch. 5 para. 6 in force at 1.1.2023 with effect in relation to accounting periods of companies beginning on or after 1.1.2023 by S.I. 2022/1164, reg. 2(1)