Income and Corporation Taxes Act 1988

[F2 440B Modifications where tax charged under [F1 section 35 of CTA 2009]. U.K.

(1) The following provisions apply where the profits of a company’s life assurance business are charged to tax [F3 under section 35 of CTA 2009 (charge on trade profits)][F4 in accordance with section 431G(3)].

[F5 (1A) F6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(2) F6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) [F7 Subsection (1) of section 440 applies] as if the only categories set out in subsection (4) of that section were—

(a) assets of the [F8 long-term insurance fund], and

(b) other assets.

(4) Section 440A applies as if for paragraphs [F9 (a), (d) and (e)] of subsection (2) there were substituted—

[F10 “(a) so many of the securities as are included in the company's long-term insurance fund shall be treated for the purposes of corporation tax as a separate holding which is an asset of that fund, and]

(b) any remaining securities shall be treated for those purposes as a separate holding which is not of the description mentioned in the preceding paragraph.”.

[F11 (4A) Section 440(2) does not apply if either the transferor or the company by which the asset is acquired is a company whose profits are charged to tax [F12 under section 35 of CTA 2009] (or if they both are).

(4B) Section 211 of the 1992 Act does not apply [F13 in relation to assets which are referable to the life assurance business of the transferor] if the transferor is a company whose profits are charged to tax [F14 under section 35 of CTA 2009].]

(5) F15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1 Words in s. 440B title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 138(5) (with Sch. 2 Pts. 1, 2)

F2 S. 440B inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 28(1) (with Sch. 8 para. 55(2))

F3 Words in s. 440B(1) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 138(2) (with Sch. 2 Pts. 1, 2)

F4 Words in s. 440B(1) inserted (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 8(2) (with Sch. 8 Pt. 2)

F5 S. 440B(1A) inserted (with effect in accordance with Sch. 27 para. 5(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 27 para. 5(1)

F6 S. 440B(1A)(2) repealed (with effect in accordance with Sch. 3 para. 8(4)(5) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 3 para. 8(2)(3), Sch. 8 Pt. 2(6), Note

F7 Words in s. 440B(3) substituted (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 8(3) (with Sch. 8 Pt. 2)

F8 Words in s. 440B(3)(a) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 52(1)(i)

F9 Words in s. 440B(4) substituted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 33(a) (with Sch. 7 Pt. 2)

F10 Words in s. 440B(4) substituted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 33(b) (with Sch. 7 Pt. 2)

F11 S. 440B(4A)(4B) inserted (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 8(4) (with Sch. 8 Pt. 2)

F12 Words in s. 440B(4A) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 138(3) (with Sch. 2 Pts. 1, 2)

F13 Words in s. 440B(4B) inserted (19.2.2008 with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 7

F14 Words in s. 440B(4B) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 138(4) (with Sch. 2 Pts. 1, 2)

F15 S. 440B(5) repealed (with effect in accordance with s. 39(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 8 para. 8(5), Sch. 27 Pt. 2(8), Note (with Sch. 8 Pt. 2)