PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES

C1C2C3CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS

Annotations:
Modifications etc. (not altering text)
C1

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

C2

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))

F1Miscellaneous provisions relating to life assurance business

Annotations:
Amendments (Textual)
F1

Cross-heading before s. 434 inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 51(4) (with Sch. 8 para. 55(2))

F2440B Modifications where tax charged under Case I of Schedule D.

1

The following provisions apply where the profits of a company’s life assurance business are charged to tax in accordance with Case I of Schedule D.

F31A

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

Section 440(1) and (2) apply as if the only categories set out in subsection (4) of that section were—

a

assets of the F5long-term insurance fund, and

b

other assets.

4

Section 440A applies as if for paragraphs (a) to (e) of subsection (2) there were substituted—

”

so many of the securities as are identified in the company’s records as securities by reference to the value of which there are to be determined benefits provided for under policies or contracts the effecting of all (or all but an insignificant proportion) of which constitutes the carrying on of F6long-term business, shall be treated for the purposes of corporation tax as a separate holding linked solely to that business, and

b

any remaining securities shall be treated for those purposes as a separate holding which is not of the description mentioned in the preceding paragraph.”.

5

Section 212(1) of the 1992 Act does not apply, but without prejudice to the bringing into account of any amounts deferred under section 213(1) or 214A(2) of that Act from any accounting period beginning before 1st January 1995.