Yn ddilys o 21/07/2008
[F1431ZAElection that assets not be foreign business assetsU.K.
(1)An insurance company may, in its company tax return for the first accounting period of the company beginning on or after 1 January 2008 in which any of the assets of the company's long-term insurance fund would (apart from this section) be foreign business assets, elect that none of the assets of the company's long-term insurance fund are to be regarded for the purposes of this Act as being foreign business assets.
(2)The election has effect for that accounting period and all subsequent accounting periods of the company.
(3)An election under subsection (1) is irrevocable.]
Textual Amendments
F1S. 431ZA inserted (with effect in accordance with Sch. 17 para. 10(6)(7) of the amending Act) by Finance Act 2008 (c. 9), Sch. 17 para. 10(2)