Corporation Tax Act 2009

30 (1) Amend section 76 (expenses of insurance companies) as follows.

(2) In subsection (1) for “section 75 is not to apply” substitute “sections 1219 to 1223 of CTA 2009 (expenses of management of a company’s investment business) do not apply”.

(3) In subsection (2) for the words from “paragraph 4(2)” to the end substitute “section 388 of CTA 2009 (basic rule: deficit set off against income and gains of deficit period)”.

(4) In subsection (4) for “Case I of Schedule D” substitute “section 35 of CTA 2009 (charge on trade profits)”.

(5) At Step 2 in subsection (7)—

(a) in paragraph (a) for “in computing income for the purposes of Schedule A” substitute “in computing, for corporation tax purposes, the profits of a UK property business”, and

(b) in paragraph (c) for “section 121(3)” substitute “section 272 of CTA 2009”.

(6) At Step 3 in subsection (7)—

(a) omit the entries relating to—

(i) paragraph 4(4)(b) of Schedule 11 to the Finance Act 1996,

(ii) paragraph 23 of Schedule 22 to the Finance Act 2001,

(iii) paragraph 13(2) of Schedule 12 to the Finance Act 2002, and

(iv) paragraph 36(3) of Schedule 29 to that Act, and

(b) at the end insert—

• “section 391(3)(b) of CTA 2009 (carried forward non-trading deficit on loan relationships);

• section 1080(2) of CTA 2009 (30% additional deduction for qualifying R&D expenditure of company carrying on life assurance business);

• section 1161 of CTA 2009 (150% relief for remediation expenditure on contaminated land owned by company carrying on life assurance business).”