The Insurance Companies (Loan Relationships) (Election for Accruals Basis) Order 1999
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.