SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 1Income and Corporation Taxes Act 1988

135

1

Amend section 436A (gross roll-up business: separate charge on profits) as follows.

2

For subsection (1) substitute—

1

The charge to corporation tax on income applies to profits arising to an insurance company from gross roll-up business.

3

In subsection (2)(b) for “provisions of this Act applicable to Case I of Schedule D” substitute “ life assurance trade profits provisions ”.

4

In subsection (7) for “Case I of Schedule D” substitute “ section 35 of CTA 2009 (charge on trade profits) ”.