Income and Corporation Taxes Act 1988

[F1 434A Limitations on loss relief and group relief. U.K.

(1) In the case of a company carrying on life assurance business, no relief shall be allowable

[F2 (a) under Chapter II (loss relief) or Chapter IV (group relief) of Part X, or

(b) under Chapter II of Part II of the Finance Act 1993 so far as it has effect in relation to losses treated as non-trading losses for the purposes of section 160 of the Finance Act 1994,]

against the policy holders’ [F3 share] of the relevant profits for any accounting period.

(2) For the purposes of subsection (1) above, [F3 “the policy holders’ share of the relevant profits” has the same meaning as in section 88 of the Finance Act 1989.]]

Textual Amendments

F1 1989 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).

F2 Words in s. 434A(1) substituted (3.5.1994) by Finance Act 1994 (c. 9), s. 176(1)

F3 1990 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.