PART II RETURNS OF INCOME AND GAINS
Corporation tax
11ACF1Modifications of sections 11AA and 11AB in relation to non-annual accounting of general insurance business.
1
This section applies in any case where a company carrying on insurance business in any period delivers a return for that period under section 11 of this Act which is based wholly or partly on accounts which the company is required or permitted to draw up using the method described in paragraph 52 of Schedule 9A to the Companies Act 1985 (accounting for general insurance business on a non-annual basis).
2
Where this section applies, section 11AA(2) of this Act shall have effect as if after paragraph (b) there were added “and
c1
where a company has delivered a return which is based wholly or partly on accounts drawn up as mentioned in section 11AC(1) of this Act, then, at any time before the end of the period of twelve months beginning with the date on which any particular technical provision constituted in the case of those accounts as described in paragraph 52 of Schedule 9A to the Companies Act 1985 is replaced as described in sub-paragraph (4) of that paragraph, the company may by notice to an officer of the Board so amend its self-assessment as to give effect to any amendments to the return—
i
which arise from the replacement of that technical provision, and
ii
which the company has notified to such an officer.
3
Where this section applies, section 11AB of this Act shall have effect—
a
as if in subsection (1)(b) after “subsection (2)(b)” there were inserted “or (c1)”; and
b
as if in subsection (2) for the words from “is” to the end of paragraph (b) there were substituted—
a1
in the case of a return (whenever delivered) which is based wholly or partly on accounts drawn up as mentioned in section 11AC(1) of this Act, is whichever of the following periods ends the later, that is to say—
i
the period of two years beginning with the date (or, if there is more than one such date, the latest date) on which any technical provision constituted in the case of those accounts as described in paragraph 52 of Schedule 9A to the Companies Act 1985 is replaced as mentioned in sub-paragraph (4) of that paragraph; or
ii
the period ending with the quarter day next following the first anniversary of the day on which the return was delivered; and
b1
in the case of an amendment of such a return—
i
if the amendment is made on or before the filing date, is the period of twelve months beginning with that date; or
ii
if the amendment is made after that date, is the period ending with the quarter day next following the first anniversary of the day on which the amendment was made;