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Income and Corporation Taxes Act 1988, Paragraph 11 is up to date with all changes known to be in force on or before 09 September 2024. 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.
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F111[F2(1)In section 440A(2), in paragraph (a) the words “UK securities” shall be treated as substituted for the word “securities” in the first place where it occurs.]
(2)F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)In paragraphs (d) and (e) of that subsection, the words “UK securities”shall be treated as substituted for the word “securities”
(4)The following paragraphs shall be treated as inserted at the end of that subsection—
“(f)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
(g)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.”
(5)The following subsection shall be treated as inserted after subsection (6) of that section—
[F4“(6A)]For the purposes of this section—
(a)UK securities are such securities as are—
(i)section 11(2)(b) assets;
(ii)section 11(2)(c) assets; or
(iii)assets which by virtue of section 11B are attributed to the branch or agency in the United Kingdom through which the company carries on life assurance business;
(b)section 11C securities are securities—
(i)(in a case where section 11C (other than subsection (9)) applies) which are assets of the relevant fund, other than UK securities; or
(ii)(in a case where that section including that subsection applies) which are assets of the relevant funds, other than UK securities;
(c)non-UK securities are securities which are not UK securities or section 11C securities;
and any expression used in this subsection to which a meaning is given by section 11A has that meaning.”
F5(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 19AC inserted (27.7.1993) by 1993 c. 34, s. 97, Sch. 9 para.1
F2Sch. 19AC para. 11(1) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 45(2)
F3Sch. 19AC para. 11(2) repealed (with effect in accordance with Sch. 8 para. 55(1) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 8 Para. 45(3), Sch. 29 Pt. 8(5), Note 1
F4Words in Sch. 19AC para. 11(5) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 45(4)
F5Sch. 19AC para. 11(6) repealed (with effect in accordance with Sch. 8 para. 57(1) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(5), Note 2
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