The Insurance Companies (Loan Relationships) (Election for Accruals Basis) Order 1998
This Order amends paragraph 5(6) of Schedule 11 to the Finance Act 1996 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 is extended so as to cover accounting periods of insurance companies ending before 1st April 1999.