Finance (No. 2) Act 2023 (c. 30)

Part 1 U.K. Income tax, corporation tax and capital gains tax

Provisions relating to insurance U.K.

31 Certain re-insurance sums not to count as deemed I-E receipts U.K.

(1) Section 92 of FA 2012 (certain BLAGAB trading receipts to count as deemed I-E receipts) is amended as follows.

(2) In subsection (5)—

(a) after paragraph (a) insert—

“(aa) sums paid to the company under re-insurance arrangements under which the re-insurer assumes substantially all of the insurance risks relating to the business that is re-insured,”, and

(b) in paragraph (b), after “sums” insert “, other than sums falling within paragraph (aa),”.

(3) In subsection (6), in the words before paragraph (a), after “contract” insert “, other than a sum falling within paragraph (aa),”.

(4) The amendments made by this section have effect for accounting periods ending on or after 15 December 2022.