Valid from 31/07/1998
[F1403ZE Computation of gross profits.U.K.
(1)For the purposes of section 403 the surrendering company’s gross profits of the surrender period means its profits for that period—
(a)without any deduction in respect of such losses, allowances and other amounts as are mentioned in paragraph (a) or (b) of subsection (1) of that section, and
(b)without any deduction falling to be made—
(i)in respect of losses, allowances or other amounts of any other period (whether or not of a description within subsection (1) of that section), or
(ii)by virtue of section 75(3) or 392A(3) (other amounts carried forward).
(2)References in this section to section 75 do not include that section as applied by section 76 to companies carrying on life assurance business.]
Textual Amendments
F1Ss. 403-403ZE substituted for s. 403 (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 29 (with Sch. 5 para. 73)