PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
C3C4CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS
Pt. XII Chapter I (ss. 431-458) applied (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 212(7)(b), 289 (with ss. 60, 101(1), 171, 201(3))
C2Insurance companies: general
See 1989 ss.82-92 for changes made by Finance Act 1989 and 1990 ss.41-48 for changes made by Finance Act 1990.
C1432D [F1Section 432B apportionment: value of non-participating funds.
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. ]
Definitions in Pt. XII Chapter I (ss. 431-458) applied by Finance Act 1991 (c. 31, SIF 63:1), s. 48, Sch. 7 paras. 16(7), 18