PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS
F1Miscellaneous provisions relating to life assurance business
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 F6in accordance with section 431G(3).
F31A
F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
F7Subsection (1) of section 440 applies 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 F8(a), (d) and (e) of subsection (2) there were substituted—
F9“
so many of the securities as are included in the company's long-term insurance fund shall be treated for the purposes of corporation tax as a separate holding which is an asset of that fund, 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.”.
F104A
Section 440(2) does not apply if either the transferor or the company by which the asset is acquired is a company whose profits are charged to tax in accordance with Case I of Schedule D (or if they both are).
4B
Section 211 of the 1992 Act does not apply F12in relation to assets which are referable to the life assurance business of the transferor if the transferor is a company whose profits are charged to tax in accordance with Case I of Schedule D.
5
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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))