Income and Corporation Taxes Act 1988

Part 3 U.K. MODIFICATION OF THE FINANCE ACT 1989

Modification of the Finance Act 1989 U.K.

12 The Finance Act 1989 M1 shall have effect with the following modifications.

Marginal Citations

M1 1989 c. 26.

Modification of section 82B (unappropriated surplus on valuation) U.K.

13 Omit section 82B (unappropriated surplus on valuation).

Modification of section 82D (treatment of profits: life assurance—adjustment consequent on change in Insurance Prudential Sourcebook) U.K.

14 Omit section 82D (treatment of profits: life assurance—adjustment consequent on change in Insurance Prudential Sourcebook).

Modification of section 82E (section 82D: treatment of transferors under insurance business transfer schemes) U.K.

15 Omit section 82E (section 82D: treatment of transferors under insurance business transfer schemes).

Modification of section 82 (section 82D: treatment of transferees under insurance business transfer schemes) U.K.

16 Omit section 82F (section 82D: treatment of transferees under insurance business transfer schemes).

Modification of section 83 (receipts to be taken into account) U.K.

17 In section 83 (receipts to be taken into account)—

(a) after paragraph (b) insert—

“(ba) a transfer from the fund for future appropriations,”;

(b) after subsection (2) insert—

“(2YA) A transfer to the fund for future appropriations shall be treated as brought into account for that period as a decrease in the value of non-linked assets and taken into account as an expense of the period of account.”;

(c) omit subsections (2A) to (2E).

Modification of section 83XA (structural assets) U.K.

18 In section 83XA (structural assets) in subsection (3)) for the words from “means” to the end substitute “ means assets listed under 1 and 2 in C(II) in Article 6 of the Council Directive of 19th December 1991 on the annual accounts and consolidated accounts of insurance undertakings (No. 91/674/EEC) M2 ”.

Marginal Citations

M2 O.J. L374, 31.12.1991, p.7.

Modification of section 83YA (changes in value of assets brought into account: non-profit companies) U.K.

19 Omit section 83YA (changes in value of assets brought into account: non-profit companies).

Modification of section 83YB (meaning of “appropriate line 51” amount for purposes of section 83YA) U.K.

20 Omit section 83YB (meaning of “appropriate line 51” amount for purposes of section 83YA).

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Modification of section 83YC to 83YF (financing-arrangement-funded transfers) U.K.

20A Omit sections 83YC to 83YF (financing-arrangement-funded transfers).

Modification of section 83A (meaning of brought into account) U.K.

21 (1) Modify section 83A (meaning of “brought into account”) as follows.

(2) For subsection (2) substitute—

“(2) The accounts recognised for the purposes of those sections are—

(a) such technical accounts (or such parts of those accounts) included in the IAD accounts, or

(b) such parts of the income statements included in the IAS accounts,

as relate to the whole of the company's long-term business.”.

(3) Omit subsections (3) to (4).

Modification of section 83B (changes in recognised accounts: attribution of amounts carried forward under section 432F of Taxes Act 1988) U.K.

22 Omit section 83B (changes in recognised accounts: attribution of amounts carried forward under section 432F of Taxes Act 1988).

Modification of section 85A (excess adjusted Case 1 profits) U.K.

23 In section 85A (excess adjusted Case 1 profits) in subsection (8)(a) for “Step 8” substitute “ Step 7 ”.

Modification of section 86 (spreading of relief for acquisition expenses) U.K.

24 Omit section 86 (spreading of relief for acquisition expenses).

Modification of section 89 (policy holders' share of profits) U.K.

25 In section 89 (policy holders' share of profits) omit subsection (6).