3U.K.Where—
(a)any creditor relationship of an insurance company is represented by an asset which is an asset of a fund of the company or is linked to any category of insurance business, and
(b)any question arises for the purposes of the Corporation Tax Acts as to the extent to which credits or debits given for the purposes of this Chapter in respect of that relationship are referable to any category of the company’s [F1long-term] business,
section 432A of the Taxes Act 1988 (apportionment of insurance companies’ income) shall have effect in relation to the credits and debits so given in respect of that relationship as it has effect in relation to the income arising from an asset.
Textual Amendments
F1Words in Sch. 11 para. 3(b) substituted (1.12.2001) by S.I. 2001/3629, art. 96(1)(b)(i)