SCHEDULES
F1SCHEDULE 19AC Modification of Act in relation to overseas life insurance companies
F27
1
In section 432A, the following subsection shall be treated as inserted after subsection (2)—
“
In the case of an overseas life insurance company—
a
any income which falls within section 11(2)(aa) or (ab); and
b
any chargeable gains or allowable losses which fall within section 11(2)(d) or (e),
shall be referable to life assurance business.”
2
The following subsection shall be treated as inserted after subsection (9) of that section—
“
In its application to an overseas life insurance company this section shall have effect as if—
a
the references in subsections (3), (6) and (8) to assets were to such of the assets concerned 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
the references in subsections (6) and (8) to liabilities were to such of the liabilities concerned as are attributable to the branch or agency;
and any expression used in this subsection to which a meaning is given by section 11A has that meaning.”
3
This paragraph shall apply in relation to accounting periods beginning after 31st December 1992.
Sch. 19AC inserted (27.7.1993) by 1993 c. 34, s. 97, Sch. 9 para.1