770-245 Chargeable profits: general insurance companies
For periods within self-assessment (accounting periods ending after 30 June 1999) there are special provisions which deal with the treatment of chargeable profits of a CFC which carries on general insurance business. These were added to subsequently by a separate provision dealing with the tax treatment of general insurance reserves.
General insurance business: non-annual accounting
The Finance Act 1998 introduced a provision to deal with the situation where (ICTA 1988, s. 755B):
(1)a CFC carries on general insurance business in an accounting period;
(2)an amount of chargeable profits and creditable tax (if appropriate) fall to be apportioned to a UK company (under ICTA 1988, s. 747(3));