[F1403ZD Other amounts available by way of group relief.U.K.
(1)References in section 403 to charges on income, Schedule A losses and management expenses shall be construed as follows.
(2)Charges on income means the aggregate of the amounts paid by the surrendering company in the surrender period by way of charges on income.
(3)A Schedule A loss means a loss incurred by the surrendering company in the surrender period in a Schedule A business carried on by the company.
It does not include—
(a)an amount treated as such a loss by section 392A(2) (losses carried forward from earlier period), or
(b)a loss which would be excluded from section 392A by subsection (5) of that section (certain businesses not carried on with a view to gain).
(4)Management expenses means the aggregate of the amounts disbursed by the surrendering company for the surrender period which are deductible under section 75(1) (expenses of management of investment company).
It does not include an amount deductible only by virtue of section 75(3) or 392A(3) (amounts carried forward from earlier periods).
(5)References in this section to section 75 do not include that section as applied by section 76 to companies carrying on life assurance business.]
Textual Amendments
F1Ss. 403-403ZE substituted for s. 403 (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 29 (with Sch. 5 para. 73)