Textual Amendments
F1Sch. 19AC inserted (27.7.1993) by 1993 c. 34, s. 97, Sch. 9 para.1
10C(1)In section 440B the following subsection shall be treated as substituted for subsection (3)—
”(3)Section 440(1) and (2) have effect as if the only categories specified in subsection (4) of that section were—
(a)UK assets of the long term business fund,
(b)other UK assets,
(c)section 11C assets, and
(d)non-UK assets,
(those expressions having the meanings given by section 440(7)).”.
(2)The following subsection shall be treated as substituted for subsection (4) of that section—
”(4)Section 440A applies as if for paragraphs (a) to (e) of subsection (2) there were substituted—
”(a)so many of the UK securities as are identified in the company’s records as securities by reference to the value of which there are to be determined benefits provided for under policies or contracts the effecting of all (or all but an insignificant proportion) of which constitutes the carrying on of long term business, shall be treated for the purposes of corporation tax as a separate holding linked solely to that business,
(b)any remaining UK securities shall be treated for those purposes as a separate holding which is not of the description mentioned in the preceding paragraph,
(c)the section 11C securities shall be treated for those purposes as a separate holding which is not of any of the descriptions mentioned in the preceding paragraphs, and
(d)the non-UK securities shall be treated for those purposes as a separate holding which is not of any of the descriptions mentioned in the preceding paragraphs.”.