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Income and Corporation Taxes Act 1988, Section 432D is up to date with all changes known to be in force on or before 14 August 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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(1)To the extent that the amount brought into account as the increase or decrease in the value of assets is attributable to assets linked solely to life assurance business, pension business or [F2basic life assurance and general annuity business], or to assets of the overseas life assurance fund which are linked solely to overseas life assurance business, it shall be referable to the category of business concerned.
(2)There shall be referable to any category of business the relevant fraction of the amount brought into account as the increase or decrease in the value of assets except so far as the amount is attributable to assets which are directly referable to any of the appropriate categories of business.
(3)Subsections (4) and (5) (but not (6)) of section 432C shall apply for the purposes of this section as if—
(a)each of the references to a subsection of that section were a reference to the corresponding subsection of this section, and
(b)in subsection (5)—
(i)a reference to overseas life assurance business were included after each of the references to pension business in paragraph (a)(ii), and
(ii)each of the references in paragraph (b) to income were a reference to the increase or decrease in the value of assets. ]
Textual Amendments
F11990 s.41 and Sch.6 para.4 on and after 1 January 1990 subject to the commencement provisions of paras.11 and 12.
F2Words in s. 432D(1) substituted (for accounting periods beginning on or after 1.1.1992) by Finance Act 1991 (c. 31, SIF 63:1), s. 48, Sch. 7 paras. 3(6), 18
Modifications etc. (not altering text)
C1Ss. 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
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