Clause 13

in subsection (2)(b), after “interest from debt securities”, insert “or loans,”; and

after subsection (11), insert —“(12) This section does not apply to any profit, loss or expense in respect of any financial instrument of an insurer as defined in section 34AAA(1), to be brought into account for the basis period for a year of assessment, being a basis period that begins on or after 1 January 2023, or such earlier basis period as may be approved by the Comptroller in a particular case.”.