Finance Act 2007 (c. 11)

SCHEDULES

SCHEDULE 7 U.K. Insurance business: gross roll-up business etc

Part 1 U.K. Amendments

Income and Corporation Taxes Act 1988 (c. 1) U.K.

23 (1) Section 434A (computation of losses and limitation on relief) is amended as follows. U.K.

(2) In subsection (2)(a)—

(a) omit “the aggregate of”, and

(b) omit sub-paragraph (iii).

(3) In subsection (2)(b), for the words following sub-paragraph (ii) substitute— “ any loss for that period under section 436A shall be reduced (but not below nil) by the total of the amounts set off as mentioned in sub-paragraphs (i) and (ii) above. ”