Introduction Details of the Section
2.Subsection (1) provides that an insurance company may make an election to treat as receipts of the business for a calendar year all of the receipts which would otherwise be treated as receipts of later calendar years.
3.Subsection (2) requires the election to be made in writing to an officer of Revenue and Customs within two years of the end of the calendar year for which it is made.  Any such election is irrevocable.
4.Subsection (3) provides that if a company makes an election under section 29 for a calendar year concerning a transfer of business the company may not make an election under this section for the same calendar year.