Income and Corporation Taxes Act 1988

[F1 432B Apportionment of receipts brought into account. U.K.

(1) This section and [F2 sections 432C to [F3 432G]] have effect where it is necessary in accordance with section 83 of the Finance Act 1989 to determine what parts of any items [F4 brought into account, within the meaning of that section,] are referable to life assurance business or [F5 gross roll-up business].

[F6 (2) Where for that purpose reference falls to be made to more than one account recognised for the purposes of that section, the provisions of sections 432C to [F7 432G] apply separately in relation to each account.]

(3) [F8 Section 432C applies] where the business with which an account is concerned (“the relevant business”) relates exclusively to policies or contracts under which the policy holders or annuitants are not eligible to participate in surplus; and [F9 sections 432E and 432F apply] where the relevant business relates wholly or partly to other policies or contracts [F10 (and section 432G applies in either case)]. ]

[F11 (4) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F13 (8) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8A) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8B) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8C) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8D) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8E) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8F) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8G) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(9) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(10) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(11) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F14 (12) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1 Ss. 432A-432E inserted by Finance Act 1990 (c. 29), Sch. 6 para. 4

F2 Words in s. 432B(1)(2) substituted (with effect in accordance with Sch. 8 para. 53(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 17(1)(a) (with Sch. 8 para. 55(2))

F3 Words in s. 432B(1) substituted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 16(2)(a) (with Sch. 7 Pt. 2)

F4 Words in s. 432B(1) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 16(2)(a) (with Sch. 8 para. 55(2))

F5 Words in s. 432B(1) substituted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 16(2)(b) (with Sch. 7 Pt. 2)

F6 S. 432B(2) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 16(2)(b) (with Sch. 8 para. 55(2))

F7 Words in s. 432B(2) substituted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 16(3) (with Sch. 7 Pt. 2)

F8 Words in s. 432B(3) substituted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 16(4)(a) (with Sch. 7 Pt. 2)

F9 Words in s. 432B(3) substituted (with effect in accordance with Sch. 8 para. 53(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 17(1)(b) (with Sch. 8 para. 55(2))

F10 Words in s. 432B(3) inserted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 16(4)(b) (with Sch. 7 Pt. 2)

F11 S. 432B(4)-(11) inserted (6.1.2006 with effect in accordance with art. 1 of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2005 (S.I. 2005/3465), art. 6(2)

F12 S. 432B(4)-(12) omitted (with effect in accordance with Sch. 17 para. 19(5) of the repealing Act) by virtue of Finance Act 2008 (c. 9), Sch. 17 para. 19(4)

F13 S. 432B(8)-(8G) substituted for s. 432B(8) (9.6.2006 with effect in accordance with art. 1(2)(3) of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2006 (S.I. 2006/1358), arts. 1(1), 3(2)

F14 S. 432B(12) inserted (9.6.2006 with effect in accordance with art. 1(2)(3) of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2006 (S.I. 2006/1358), arts. 1(1), 3(5)

Modifications etc. (not altering text)

C1 S. 432B modified by S.I. 1992/1655, reg. 9 (as amended (31.12.1993) by The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1993 (S.I. 1993/3111), regs. 1, 8)

C2 Ss. 432B-432E excluded (31.7.1992 with effect as mentioned in reg. 1 of the amending S.I.) by S. I. 1992/1655, regs. 1, 10

C3 S. 432B modified (31.7.1992 with effect as mentioned in reg. 1 of the amending S.I.) by S.I. 1992/1655, regs. 1, 9(1)

C4 S. 432B modified by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), reg. 9A (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), 10 (and that modifying reg. 10 is omitted (12.8.2008 with effect in accordance with reg. 1(2) of the revoking S.I.) by virtue of S.I. 2008/1937, regs. 1(1), 7))

C5 Ss. 432B-432G applied (1.4.2010 with effect in accordance with s. 381(1) of the affecting Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 102(3) (with Sch. 9)