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Income and Corporation Taxes Act 1988, Section 441 is up to date with all changes known to be in force on or before 01 September 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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(1)This section F2. . . shall apply for an accounting period of an insurance company F3. . . if during the period the company carries on overseas life assurance business.
(2)Subject to the provisions of this section F2. . . , profits arising to the company from the overseas life assurance business shall be treated as income within Schedule D, and the chargeable under Case VI of that Schedule, and for that purpose—
(a)that business shall be treated separately, and
(b)subject to paragraph (a) above, the profits from it shall be computed in accordance with the provisions of this Act applicable to Case I of Schedule D.
(3)Subsection (2) above shall not apply if the company is charged to corporation tax in accordance with the provisions applicable to Case I of Schedule D in respect of the profits of its life assurance business.
(4)In making the computation referred to in subsection (2) above—
(a)sections [F482 and 82B to 83AB] of the Finance Act 1989 shall apply with the necessary modifications F5. . . , [F6and]
[F7(aa)F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(b)there may be set off against the profits any loss, to be computed on the same basis as the profits, which has arisen from overseas life assurance business in any previous accounting period beginning on or after 1st January 1990.
(5)Section 396 shall not be taken to apply to a loss incurred by a company on overseas life assurance business.
(6)Nothing in section 128 or 399(1) shall affect the operation of this section.
(7)F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8)Gains accruing on the disposal by a company of assets of its overseas life assurance fund shall not be chargeable gains. ]]
Textual Amendments
F1Ss. 441, 441A substituted for s. 441 by Finance Act 1990 (c. 29), Sch.7 paras. 3, 10
F2Words in s. 441(1)(2) repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 33 para. 12(3), Sch. 43 Pt. 3(12)
F3Words in s. 441(1) repealed (with effect in accordance with Sch. 8 para. 55 of the repealing Act) by Finance Act 1995 (c. 4), Sch. 8 para. 30, Sch. 29 Pt. 8(5), Note 1
F4Words in s. 441(4)(a) substituted (with effect in accordance with Sch. 33 para. 1(5) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 1(4)(a)
F5Words in s. 441(4)(a) repealed (with effect in accordance with Sch. 33 para. 1(5) of the repealing Act) by Finance Act 2003 (c. 14), Sch. 33 para. 1(4)(b), Sch. 43 Pt. 3(12), Note 1
F6Word at the end of s. 441(4)(a) added (with effect in accordance with Sch. 31 para. 10(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 31 para. 7(2)
F7S. 441(4)(aa) inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 16(5) (with Sch. 8 para. 55(2))
F8S. 441(4)(aa) repealed (with effect in accordance with Sch. 31 para. 10(2) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 31 para. 7(1)(c), Sch. 41 Pt. 5(23), Note
F9S. 441(7) repealed (with effect in accordance with Sch. 8 para. 57(1) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(5), Note 2 (with Sch. 8 para. 55(2))
Modifications etc. (not altering text)
C1S. 441 modified (with effect in accordance with reg. 1(2) of the modifying S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473), regs. 1(1), 28 (as amended by S.I. 2004/822, regs. 1, 22)
C2S. 441 modified (12.8.2005 with effect in accordance with reg. 1(2) of the modifying S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), regs. 1(1), 18; and that modifying reg. 18 is omitted (14.8.2007 with effect in accordance with reg. 1(1)(2) of the revoking S.I.) by virtue of S.I. 2007/2134, reg. 18(a)
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