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Finance Act 2012
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Period over which deemed receipts or expenses arise
This section has no associated Explanatory Notes
15(1)This paragraph applies if—
(a)an insurance company ceases at any time to carry on basic life assurance and general annuity business or non-BLAGAB long-term business otherwise than as a result of a transfer under an insurance business transfer scheme, and
(b)at that time the full amount of the deemed receipts or expenses of the business concerned has not been treated as arising to the company.
(2)The remaining amount of the deemed receipts or expenses of the business concerned is to be treated as arising to the company in the accounting period in which it ceases to carry on the business concerned.
(3)For the purposes of this paragraph an insurance company is to be regarded as ceasing to carry on a business at any time if, at that time, it ceases to be within the charge to corporation tax in relation to the business.
(4)In this paragraph references to the deemed receipts of the business concerned—
(a)are references to the receipts or expenses within paragraph 9 or 10 of the business concerned, but
(b)do not include references to so much of those receipts or expenses as fall (or have fallen) to be treated as arising to a company other than the company concerned.
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