Version Superseded: 17/07/2012
Point in time view as at 01/04/2010.
Finance Act 2008, Paragraph 21 is up to date with all changes known to be in force on or before 01 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
21(1)In section 434A of ICTA (computation of losses and limitation on relief), insert at the end—U.K.
“(4)For the purposes of section 403, where the surrendering company is an insurance company which is charged to tax under the I minus E basis in respect of its life assurance business for the surrender period, the company's gross profits of that period do not include its relevant profits (within the meaning of section 88 of the Finance Act 1989) for that period; and expressions used in this subsection and section 403 have the same meaning here as there.”
(2)The amendment made by sub-paragraph (1) has effect in relation to accounting periods beginning on or after 1 January 2008.
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