- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (26/03/2013)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 26/03/2013.
There are currently no known outstanding effects for the Finance Act 2012, Section 101.
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(1)This section applies if, in the case of the disposal—
(a)no part of the gain or loss is dealt with by section 100, or
(b)section 100 deals with only a proportion of the gain or loss.
(2)The gain or loss, or (as the case may be) the remaining proportion of the gain or loss, which is referable to the company's basic life assurance and general annuity business is determined in accordance with an acceptable commercial method adopted by the company for the period of account in which the disposal is made.
(3)A method is an “acceptable commercial method” if it secures that gains or losses are referable to the company's basic life assurance and general annuity business in a way that fairly represents the contribution that the assets in question have made to that business during the period in which they have been held for the purposes of the company's long-term business.
(4)The Treasury may make regulations for the purposes of this section—
(a)prescribing cases in which a method is, or is not, to be regarded as an acceptable commercial method, and
(b)prescribing cases in which the only acceptable commercial method is to be a method prescribed, or of a description prescribed, in the regulations.
(5)Subject to any provision made by regulations under subsection (4), the method adopted for the purposes of this section for a period of account—
(a)must be consistent with the method adopted for the purposes of section 98 for that period and the method adopted for the purposes of section 115 for that period, and
(b)in the case of an overseas life insurance company, must also be consistent with the method for that period for attributing assets in accordance with the provision made by or under Chapter 4 of Part 2 of CTA 2009 to its permanent establishment in the United Kingdom.
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