BAILII is celebrating 24 years of free online access to the law! Would you consider making a contribution?
No donation is too small. If every visitor before 31 December gives just £1, it will have a significant impact on BAILII's ability to continue providing free access to the law.
Thank you very much for your support!
 |
[Home] [Databases] [World Law] [Multidatabase Search] [Help] [Feedback] | |
United Kingdom Statutory Instruments |
||
|
You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Insurance Companies (Loan Relationships) (Election for Accruals Basis) Order 1999 No. 1643 URL: http://www.bailii.org/uk/legis/num_reg/1999/uksi_19991643_en.html |
||
[New search] [Help]
Statutory Instruments
INCOME TAX
Made
11th June 1999
Laid before the House of Commons
11th June 1999
Coming into force
2nd July 1999
The Treasury, in exercise of the powers conferred on them by paragraph 5(7)(a) of Schedule 11 to the Finance Act 1996(1), hereby make the following Order:
1. This Order may be cited as the Insurance Companies (Loan Relationships) (Election for Accruals Basis) Order 1999 and shall come into force on 2nd July 1999.
2. In paragraph 5(6) of Schedule 11 to the Finance Act 1996(2) (election for accruals basis for long term business assets) for "31st March 1999" there shall be substituted "31st March 2000".
Jim Dowd
David Jamieson
Two of the Lords Commissioners of Her Majesty's Treasury
11th June 1999
(This note is not part of the Order)
This Order amends paragraph 5(6) of Schedule 11 to the Finance Act 1996 (loan relationships-special provision for insurers) so as to extend the period during which companies that carry on life assurance and other long term insurance business may elect to use an accruals basis of accounting in order to determine what amounts should be brought into account in respect of income from, and changes in value of, certain debt securities and similar assets that are held for the purposes of that business. The period was previously extended by S.I. 1998/1200 so as to cover accounting periods of insurance companies ending before 1st April 1999, and this Order further extends the period so as to cover accounting periods of insurance companies ending before 1st April 2000.
