Part 1Income tax, corporation tax and capital gains tax
Provisions relating to insurance
31Certain re-insurance sums not to count as deemed I-E receipts
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,
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.