Modifications etc. (not altering text)
C1Sch. 12 modified (with effect as specified in art. 2 of the commencing S.I. of the commencing S.I.) by Finance Act 2004 (c. 12), s. 53(2)(6); S.I. 2004/3268, art. 2
12Where, in an accounting period, an insurance company (within the meaning of Chapter 1 of Part 12 of the Taxes Act 1988)—
(a)carries on life assurance business, and
(b)qualifies as a small or medium-sized enterprise,
Parts 1 to 3 of this Schedule apply to that company as if it did not qualify as such an enterprise in that period.
13(1)This paragraph applies where for any accounting period [F1an insurance company is charged to tax under the I minus E basis in respect of its life assurance business].
[F2(2)The provisions of Part 3 which allow a deduction in calculating the profits of a trade apply in relation to the company to treat amounts as expenses payable falling to be brought into account at Step 3 in section 76(7) of the Taxes Act 1988.]
[F3(3)Part 3 of this Schedule has effect in relation to any gross roll-up business of the company as if the references to the trade carried on by the company were references to that business (and sub-paragraph (2) does not apply in relation to that business).]
(4)Subject to sub-paragraph (3), the provisions of Part 3 do not apply to allow any deduction in any computation of the profits of the company’s life assurance business made in accordance with the provisions of the Taxes Act 1988 applicable to Case I of Schedule D.
Textual Amendments
F1Words in Sch. 12 para. 13(1) substituted (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 26 (with Sch. 8 Pt. 2)
F2Sch. 12 para. 13(2) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 1(2), Sch. para. 64(2)
F3Sch. 12 para. 13(3) substituted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 74(2) (with Sch. 7 Pt. 2)