The Finance Act 2022, Part 2 of Schedule 5 (Insurance Contracts: Change in Accounting Standards) (Commencement and Savings Provision) Regulations 2022 were made on 9 November 2022 (SI 2022/1164).
FA 2022, Sch. 5, Pt. 2 amends CTA 2009 (c. 4) and FA 2012 in connection with the adoption by insurance companies of International Accounting Standard 17 issued by the International Accounting Standards Board. According to the Explanatory Note to the regulation:
“These Regulations commences [sic] Part 2 of Schedule 5 to the Finance Act 2022 subject to a saving in relation to amounts of acquisition expenses which have been adjusted under section 79 of the Finance Act 2012.”
HMRC have also published a “tax information and impact note” on this matter, following the issuing of SI 2022/1164.