- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/02/1991)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/05/1995
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(1)M1This section has effect in relation to any accounting period of an insurance company carrying on life assurance business and for the purposes of this section—
(a)the life assurance gains are such part of the amount to be included, in accordance with section 345,in the company’s total profits as is attributable to gains from investments held in connection with the company’s life assurance business;
(b)the policy holders’ share of the life assurance gains or of the relevant reliefs is such fraction thereof as is equal to the fraction of the profits of the company in respect of its life assurance business which, under section 433,is excluded from the computation of those profits or would be so excluded if the profits were computed in accordance with the provisions applicable to Case Iof Schedule D; and
(c)the relevant reliefs are such of the sums to be deducted from or set off against the company’s profits as are deducted from or set off against the life assurance gains.
(2)M2Corporation tax charged on so much of the policy holders’ share of the life assurance gains as remains after setting against it the amounts referred to in subsection (3)(c)below shall be calculated on the basis of a rate of corporation tax of 30per cent.
(3)For the purposes of this section there shall be ascertained the policy holders’ share and the remainder (“the residual part”)of the life assurance gains and of the relevant reliefs; and—
(a)the residual part of the relevant reliefs shall be set against the residual part of those gains; and
(b)if the residual part of the relevant reliefs exceeds the residual part of those gains, the excess (or so much of it as does not, together with the policy holders’ share of the relevant reliefs, exceed the policy holders’ share of those gains)shall be added to the policy holders’ share of the relevant reliefs; and
(c)the policy holders’ share of the relevant reliefs, with any addition made under paragraph (b)above, shall be set against the policy holders’ share of the life assurance gains. F1
Textual Amendments
F1 Repealed by 1989 ss.84and 187and Schs.8 para.5and 17 Part IV,and subject to s.84(6)has effect with respect to accounting periods beginning on or after 1January 1990 (including the 1990component period).
Marginal Citations
M1Source—1974 s.26(1), (4)
M2Source—1974 s.26(2), (3); 1987 (No.2) s.75(2), (3)
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