PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES

C7C8C9CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS

Annotations:
Modifications etc. (not altering text)
C7

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

C8

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))

F2Miscellaneous provisions relating to life assurance business

Annotations:
Amendments (Textual)
F2

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

F5sections F1282 and 82B to 83AB of the Finance Act 1989 shall apply with the necessary modifications F13. . . ;

F6aa

F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

M3Section 396 shall not be taken to apply to a loss incurred by a company on its F9 . . . pension business.

5

M4Nothing in section 128 or 399(1) shall affect the operation of this section.