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HMRC internal manual

International Manual

Controlled Foreign Companies carrying on general insurance business: Ascertaining chargeable profits on closure of fund

ICTA88/S755B(3)

Where an approved method of funded accounting is used a United Kingdom interest-holder may amend its controlled foreign company return for the underwriting year at any time within 12 months after the technical provision is either replaced or treated as replaced. HM Revenue & Customs has 2 years from the date the technical provision is either replaced or treated as replaced to enquire into the return.