- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (28/07/2000)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/12/2001
Point in time view as at 28/07/2000. This version of this provision has been superseded.
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There are currently no known outstanding effects for the Finance Act 1993, Section 168.
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(1)Subject to the following provisions of this section, this Chapter shall apply in relation to insurance companies as it applies in relation to other qualifying companies.
(2)Regulations may make provision about the treatment for corporation tax purposes of exchange differences arising as regards assets and liabilities held or owed by insurance companies.
(3)Any such provision may be made—
(a)about exchange differences arising as regards assets or liabilities (or both) generally or about a proportion of such differences;
(b)about exchange differences arising as regards prescribed descriptions of assets or liabilities (or both) or about a proportion of such differences;
(c)about exchange differences arising as regards individual assets or liabilities.
(4)Any such provision may be made about assets or liabilities that are qualifying assets or liabilities, or about those that are not, or about both.
(5)Regulations under this section may—
(a)contain exceptions (whether by reference to categories of insurance business or otherwise);
(b)contain provision about the circumstances in which a charge or relief is to arise, its amount, and other matters relating to it;
(c)provide for consequential adjustments in a company’s corporation tax liability;
(d)exclude or modify the effect of any of the provisions of this Chapter.
(6)References in this section to exchange differences are to gains and losses attributable to fluctuations in currency exchange rates.
(7)For the purposes of this section an insurance company is [F1any company which carries on any insurance business (within the meaning of the Insurance Companies Act 1982].
Textual Amendments
F1Words in s. 168(7) substituted (1.5.1995 with effect in relation to any accounting period ending after 30.6.1994) by 1995 c. 4, s. 52(2)(5)
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