Valid from 19/07/2007
[F1431HCompany carrying on life assurance business and other insurance businessU.K.
(1)This section applies in relation to an insurance company which carries on life assurance business and insurance business of any other kind.
(2)For the purposes of the Corporation Tax Acts—
(a)the life assurance business, and
(b)the other insurance business,
are to be treated as separate businesses.
(3)The profits of the other insurance business shall be charged to tax under Case I of Schedule D as the profits of a separate trade.
(4)But subsection (3) above does not apply where that business is mutual business.
(5)As to the profits of the life assurance business, see section 431G.]
Textual Amendments
F1Ss. 431G, 431H and preceding cross-heading substituted for s. 432 and preceding cross-heading (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 4 (with Sch. 8 Pt. 2)
Modifications etc. (not altering text)
C1S. 431H modified by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), reg. 7A (as inserted (14.8.2007 with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2007 (S.I. 2007/2134), regs. 1(1), 7; and as amended by S.I. 2008/1937, regs. 1(1)(2), 5)