F17(1)In section 432A, the following subsection shall be treated as inserted after subsection (2)—
“(2A)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—
“(9A)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.
Textual Amendments
F1Sch. 19AC inserted (27.7.1993) by 1993 c. 34, s. 97, Sch. 9 para.1