Corporation Tax Act 2009

348 (1) Amend section 85 (charge of certain receipts of basic life assurance business) as follows. U.K.

(2) In subsection (1)—

(a) for “there shall be chargeable under Case VI of that Schedule” substitute “ the charge to corporation tax on income shall apply to ”,

(b) in paragraph (a) for “Case I of Schedule D” substitute “ section 35 of the Corporation Tax Act 2009 (charge on trade profits) ”, and

(c) in paragraph (b) for “Case I of Schedule D” substitute “ section 35 of the Corporation Tax Act 2009 ”.

(3) In subsection (2)(e) for “Case I of Schedule D” substitute “ section 35 of the Corporation Tax Act 2009 ”.

(4) For subsection (2B) substitute—

“(2B) Expenses are deducted from receipts falling within subsection (1) so far as is necessary for calculating the full amount of the profits.

This is subject to subsection (2BA).

(2BA) The provisions of Chapter 1 of Part 20 of the Corporation Tax Act 2009 (general rules for restricting deductions) apply to the calculation of those profits.”