15U.K.After section 755B of the Taxes Act 1988 there shall be inserted—
“755C Application of Chapter where general insurance business of foreign company accounted for on non-annual basis.
(1)The Treasury may by regulations provide for the provisions of this Chapter to have effect with prescribed modifications in any case where a non-resident company—
(a)carries on general insurance business; and
(b)draws up accounts relating to that business using a method falling within subsection (2) of section 755B.
(2)Regulations under subsection (1) above may—
(a)make different provision for different cases;
(b)make provision having effect in relation to accounting periods of non-resident companies ending not more than one year before the date on which the regulations are made; and
(c)contain such supplementary, incidental, consequential and transitional provision as the Treasury may think fit.
(3)In this section—
“general insurance business” has the same meaning as in section 755B;
“non-resident company” means a company resident outside the United Kingdom;
“prescribed” means prescribed in regulations under this section.”