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.

37 (1) Section 444AF (demutualisation surplus: life assurance business) is amended as follows. U.K.

(2) In subsection (4)(b), for “sections 432C and 432D apply” substitute “ section 432C applies ”.

(3) In subsection (5)(b), for “the profits of any category of the company's life assurance business chargeable to tax under Case VI of Schedule D” substitute “ profits of the company chargeable under Case VI of Schedule D under section 436A (gross roll-up business) ”.