Statutory Instruments
2022 No. 1164 (C. 90)
Corporation Tax
The Finance Act 2022, Part 2 of Schedule 5 (Insurance Contracts: Change in Accounting Standards) (Commencement and Savings Provision) Regulations 2022
Made
9th November 2022
The Treasury, in exercise of the powers conferred by paragraphs 4 and 5 of Schedule 5 to the Finance Act 2022( 1 ), make the following Regulations.
Citation
1. These Regulations may be cited as the Finance Act 2022, Part 2 of Schedule 5 (Insurance Contracts: Change in Accounting Standards) (Commencement and Savings Provision) Regulations 2022.
Commencement and savings provision
2. —(1) Subject to paragraph (2), Part 2 of Schedule 5 to the Finance Act 2022 comes into force on 1st January 2023 and has effect in relation to accounting periods of companies beginning on or after that date.
(2) Paragraphs 2 and 3 of Part 2 of Schedule 5 to the Finance Act 2022 do not apply in relation to amounts of acquisition expenses adjusted under section 79 of the Finance Act 2012( 2 ) which are referrable to an accounting period beginning before 1st January 2023.
Nigel Huddleston
Amanda Solloway
Two of the Lords Commissioners of His Majesty’s Treasury
9th November 2022