F110(1)In section 438, the following subsection shall be treated as inserted after subsection (3)—
“(3A)Subject to subsection (6) below, nothing in paragraph (a), (aa) or (ab) of section 11(2) shall prevent UK distribution income of an overseas life insurance company from being taken into account as part of the profits in computing under section 436 income from pension business.”
(2)In subsections (6) and (6A) of that section, the words “UK distribution income” shall be treated as substituted for the words “franked investment income” in each place where they occur.
(3)This paragraph shall apply in relation to accounting periods beginning after 31st December 1992.
Textual Amendments
F1Sch. 19AC inserted (27.7.1993) by 1993 c. 34, s. 97, Sch. 9 para.1