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(1)In the case of a company carrying on life assurance business, no relief shall be allowable under Chapter II (loss relief) or Chapter IV (group relief) of Part X against the policy holders’ [F2share] of the relevant profits for any accounting period.
(2)For the purposes of subsection (1) above, [F2“” has the same meaning as in section 88 of the Finance Act 1989.]]
Textual Amendments
F11989 s.84and Sch.8 paras.3(4), 4,respectively and subject to s.84(6),has effect with respect to accounting periods beginning on or after 1January 1990 (including the 1990component period).
F21990 s.45(8).Previously
“fraction”
and
“the relevant profits of a company for an accounting period are the total profits of its life assurance business, less any deduction due under section 76, but before allowing any relief under Chapter II or Chapter IV of Part X”
respectively.
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