- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
13(1)Section 432A of the Taxes Act 1988 is amended as follows.
(2)For subsections (1) to (3) substitute—
“(1)This section has effect where in any period an insurance company carries on more than one category of business and it is necessary for the purposes of the Corporation Tax Acts to determine in relation to the period what parts of—
(a)income arising from the assets of the company’s long term business fund, or
(b)gains or losses accruing on the disposal of such assets,
are referable to any category of business.
(2)The categories of business referred to in subsection (1) above are—
(a)pension business;
(b)life reinsurance business;
(c)overseas life assurance business;
(d)basic life assurance and general annuity business which is ordinary life assurance business;
(e)basic life assurance and general annuity business which is industrial assurance business; and
(f)long term business other than life assurance business.
(3)Income arising from, and gains or losses accruing on the disposal of, assets linked to any category of business (apart from overseas life assurance business) shall be referable to that category of business.”.
(3)In subsections (5) and (6)(b)(i) for “any of the appropriate categories” substitute “any category”.
(4)For subsection (7) substitute—
“(7)For the purposes of subsections (5) and (6) above—
(a)income, gains or losses are directly referable to a category of business if referable to that category by virtue of subsection (3) or (4) above, and
(b)assets are directly referable to a category of business if income arising from the assets is, and gains or losses accruing on the disposal of the assets are, so referable by virtue of subsection (3) above.”.
(5)For subsection (9) substitute—
“(9)Where a company carries on overseas life assurance business—
(a)references in this section to liabilities do not include liabilities of that business, and
(b)the appropriate part of the investment reserve as defined by paragraph 4(2)(a) of Schedule 19AA shall be left out of account in determining that reserve for the purposes of this section.”.
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