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Income and Corporation Taxes Act 1988
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Changes over time for: Section 438
Version Superseded: 22/07/2004
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Point in time view as at 01/12/2001. This version of this provision has been superseded.
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Income and Corporation Taxes Act 1988, Section 438 is up to date with all changes known to be in force on or before 30 July 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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438 Pension business: exemption from tax.U.K.
(1)M1Exemption from corporation tax shall be allowed in respect of income from, and chargeable gains in respect of, investments and deposits of so much of an insurance company’s [F1long-term insurance fund] as is referable to pension business.
(2)M2The exemption from tax conferred by subsection (1) above shall not exclude any sums from being taken into account as receipts in computing profits or losses for any purpose of the Corporation Tax Acts.
(3)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F3(3AA)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
[F4(4)This section shall be disregarded in determining, in relation to an insurance company which is entitled to a tax credit in respect of a distribution, whether the condition in paragraph (a) or (b) of section 231(2) is satisfied.]
(5)F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F6(6A)F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
[F8(6B)F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6C)F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6D)F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6E)F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(7)F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8)M3Nothing in sections [F9431B(2)(c)] or 643(2) of this Act or section [F10271(1)(h) of the 1992 Act] shall be construed as affording relief in respect of any sums to be brought into account under this section.
[F11(9)F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F1Words in s. 438(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(1)(e)
F2S. 438(3)(3AA) repealed (with effect in accordance with Sch. 3 para. 6(7) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 3 para. 6(2), Sch. 8 Pt. 2(6), Note
F3S. 438(3AA) inserted (3.5.1994) by Finance Act 1994 (c. 9), Sch. 16 para. 6(2)
F4S. 438(4) substituted (with effect in accordance with Sch. 3 para. 6(7) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 3 para. 6(3)
F5S. 438(5)-(7) repealed (with effect in accordance with Sch. 3 para. 6(7)-(9) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 3 para. 6(4)(5), Sch. 8 Pt. 2(6), Note (with Sch. 3 para. 13(17))
F61990 s.45(9).
F7S. 438(5)-(7) repealed (with effect in accordance with Sch. 3 para. 6(7)(8), Sch. 8 Pt. 2(6) Note of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 3 para. 6(4)(5), Sch. 8 Pt. 2(6)
F8S. 438(6B)-(6E) inserted (3.5.1994) by Finance Act 1994 (c. 9), Sch. 16 para. 6(4)
F9Words in s. 438(8) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 4(3) (with Sch. 8 para. 55(2))
F10Words in s. 438(8) substituted (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. 289, 290(1), Sch. 10 para. 14(21) (with ss. 60, 101(1), 171, 201(3))
F11S. 438(9) inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 28(2) (with Sch. 8 para. 55(2))
F12S. 438(9) repealed (with effect in accordance with Sch. 3 para. 6(8) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 3 para. 6(6), Sch. 8 Pt. 2(6), Note
Modifications etc. (not altering text)
C1S. 438 amended (27.7.1993) by 1993 c. 34, s. 78(6)(11)
C2S. 438 modified (3.5.1994) by Finance Act 1994 (c. 9), Sch. 18 para. 1(5)
C3S. 438 modified (6.4.1999) by The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871), regs. 1, 5, 14 (and as substituted (22.8.2000) by The Individual Savings Account (Insurance Companies) (Amendment) Regulations 2000 (S.I. 2000/2075), regs. 1, 4)
Marginal Citations
M1Source—1970 s.314(1); 1970(F) Sch.5 Part III 11(3), (6)(c)
M2Source—1970 s.314(2)
M3Source—1987 (No.2) s.39(3)
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