PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS
Capital redemption business
F1458A Capital redemption business: power to apply life assurance provisions.
(1)
The Treasury may by regulations provide for the life assurance provisions of the Corporation Tax Acts to have effect in relation to companies carrying on capital redemption business as if capital redemption business were, or were a category of, life assurance business.
(2)
Regulations under this section may provide that the provisions applied by the regulations are to have effect as respects capital redemption business with such modifications and exceptions as may be provided for in the regulations.
(3)
Regulations under this section may—
(a)
make different provision for different cases;
(b)
include such incidental, supplemental, consequential and transitional provision (including provision modifying provisions of the Corporation Tax Acts other than the life assurance provisions) as the Treasury consider appropriate; and
(c)
include retrospective provision.
(4)
In this section references to the life assurance provisions of the Corporation Tax Acts are references to the following—
(a)
the provisions of this Chapter so far as they relate to life assurance business or companies carrying on such business; and
(b)
any other provisions of the Corporation Tax Acts making separate provision by reference to whether or not the business of a company is or includes life assurance business or any category of insurance business that includes life assurance business.
(5)
In this section “capital redemption business” has the same meaning as in section 458.