Section 31 | Certain 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,

, and

(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.