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Version Superseded: 17/04/2007
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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 01 September 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 [F2or as other income] is attributable to assets [F3linked] to [F4pension business, life reinsurance business, basic life assurance and general annuity business or [F5long-term] business other than life assurance business], or to assets of the overseas life assurance fund which are [F3linked] 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 [F2or as other income] except so far as the amount is attributable to assets which are directly referable to [F6any category of business].
[F7(3)For the purposes of subsection (2) above “the relevant fraction”, in relation to a category of business, is the fraction of which—
(a)the numerator is the mean of the opening and closing liabilities of the relevant business so far as referable to the category, reduced [F8(but not below nil)] by the mean of the opening and closing [F9net values] of any assets of the relevant business directly referable to the category; and
[F10(b)the denominator is the aggregate of—
(i)the numerator given by paragraph (a) above; and
(ii)the numerators given by that paragraph in relation to the other categories of business.]
(4)For the purposes of subsections (2) and (3) above, the part of the amount brought into account as the increase or decrease in the value of assets [F2or as other income] which is directly referable to a category of business is the part referable to the category by virtue of subsection (1) above and assets are directly referable to a category of business if such part of the amount brought into account as the increase or decrease in the value of assets [F2or as other income] as is attributable to them is so referable.]]
Textual Amendments
F1Ss. 432A-432E inserted by Finance Act 1990 (c. 29), Sch. 6 para. 4
F2Words in s. 432D inserted (with effect in accordance with Sch. 33 para. 9(1) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 9(1)
F3Words in s. 432D(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. 12(1)(a) (with Sch. 8 para. 55(2))
F4Words in s. 432D(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. 15(2) (with Sch. 8 para. 55(2))
F5Word in s. 432D(1) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 52(2)(f)
F6Words in s. 432D(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. 15(3) (with Sch. 8 para. 55(2))
F7S. 432D(3)(4) substituted for s. 432D(3) (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 15(4) (with Sch. 8 para. 55(2))
F8Words in s. 432D(3)(a) inserted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(3)(a)(4)(c)
F9Words in s. 432D(3)(a) substituted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(3)(a)(4)(c)
F10S. 432D(3)(b) substituted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(3)(b)(4)(c)
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
C2S. 432D(1) modified (6.4.1999) by The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871), regs. 1, 5, 12
C3S. 432D(1) modified (6.4.2005) by The Child Trust Funds (Insurance Companies) Regulations 2004 (S.I. 2004/2680), regs. 1, 4, 10; S.I. 2004/3369, art. 2(1)
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