Income and Corporation Taxes Act 1988

[F1432AA Schedule A business or overseas property business.U.K.

(1)An insurance company is treated as carrying on separate Schedule A businesses, or overseas property businesses, in accordance with the following rules.

(2)The exploitation of land held as an asset of the company’s long term business fund is treated as a separate business from the exploitation of land not so held.

(3)The exploitation of land held as an asset of the company’s overseas life assurance fund is treated as a separate business from the exploitation of other land held as an asset of its long term business fund.

(4)The exploitation of land held as an asset linked to any of the following categories of business is regarded as a separate business—

(a)pension business;

(b)life reinsurance business;

(c)basic life assurance and general annuity business;

(d)long term business other than life assurance business.

(5)Accordingly, the exploitation of land held as an asset of the company’s long term business fund otherwise than as mentioned in subsection (3) or (4) is treated as a separate business from any other.

(6)In this section “land” means any estate, interest or rights in or over land.]

Textual Amendments

F1Ss. 432AA, 432AB inserted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para 39 (with Sch. 5 para. 73)

Modifications etc. (not altering text)