The Insurance Companies (Pension Business) (Transitional Provisions) (Amendment) Regulations 1993
Schedule 19AB to the Income and Corporation Taxes Act 1988 provides that insurance companies carrying on pension business shall be entitled to provisional repayments of tax on pension business investment income. However, during a transitional period, the Commissioners of Inland Revenue may make a provision, by regulations, for the amount of a provisional repayment to be reduced by a prescribed percentage for any accounting period ending during that transitional period. The regulations may prescribe different percentages for accounting periods ending after different dates.