Sections 55 to 149 of, and Schedules 17 to 19 to, the Finance Act 2012 (c. 14) (“FA 2012”) establish a new regime for the taxation of insurance companies. As from 1 January 2013 the starting point for the calculation of the trading profits of insurance companies will be the statutory accounts. Schedule 17 to FA 2012 contains provisions which govern the transition from the old basis of taxation (based on the regulatory returns made to the Financial Services Authority) to the new basis. The Schedule permits HM Treasury to make further provision for the transition by way of regulations. These Regulations contain further transitional provisions.