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Income and Corporation Taxes Act 1988
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Changes over time for: Section 432
Version Superseded: 01/05/1995
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- 01/02/1991- Amendment
- 01/02/1991
Point in time - 01/05/1995- Amendment
- 29/04/1996- Amendment
- Stop date 19/07/2007- Amendment
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Income and Corporation Taxes Act 1988, Section 432 is up to date with all changes known to be in force on or before 29 November 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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432 Separation of different classes of business.U.K.
(1)M1Where an insurance company carries on life assurance business in conjunction with insurance business of any other class, the life assurance business shall, for the purposes of the Corporation Tax Acts, be treated as a separate business from any other class of business carried on by the company.
(2)Where an insurance company carries on both ordinary life assurance business and [F1industrial assurance] business, the business of each such class shall, for the purposes of the Corporation Tax Acts, be treated as though it were a separate business, and section 76 [F1and where appropriate the provisions of this chapter] shall apply separately to each such class of business.
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