PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
C7C8C9CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS
Pt. XII Chapter I (ss. 431-458) applied (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 212(7)(b), 289 (with ss. 60, 101(1), 171, 201(3))
Pt. 12 Ch. 1 modified (s. 431AB treated as inserted) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473), reg. 7A (as inserted (8.4.2004 with effect in accordance with reg. 1 of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2004 (S.I. 2004/822), reg. 7)
F2Miscellaneous provisions relating to life assurance business
Cross-heading before s. 434 inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 51(4) (with Sch. 8 para. 55(2))
C2C3C4C5C6436F1Pension business: separate charge on profits.
1
M1Subject to the provisions of this section, profits arising to an insurance company from F3 . . . pension business shall be treated as income within Schedule D, and be chargeable under Case VI of that Schedule, and for that purpose—
a
F4that business shall be treated separately, and
C1b
subject to paragraph (a) above, and to subsection (3) below, the profits therefrom shall be computed in accordance with the provisions of this Act applicable to Case I of Schedule D.
2
Subsection (1) above shall not apply to an insurance company charged to corporation tax in accordance with the provisions applicable to Case I of Schedule D in respect of the profits of its ordinary life assurance business.
3
M2In making the computation referred to in subsection (1) above—
a
b
no deduction shall be allowed in respect of any expenses of management deductible under section 76; F7
c
there may be set off against the profits any loss, to be computed on the same basis as the profits, which has arisen from pension business F8 . . .in any previous accounting period or year of assessment;
d
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
e
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
5
M4Nothing in section 128 or 399(1) shall affect the operation of this section.
Definitions in Pt. XII Chapter I (ss. 431-458) applied by Finance Act 1991 (c. 31, SIF 63:1), s. 48, Sch. 7 paras. 16(7), 18