PART XVIII DOUBLE TAXATION RELIEF

CHAPTER II RULES GOVERNING RELIEF BY WAY OF CREDIT

Miscellaneous rules

804D Interpretation of section 804C in relation to life assurance business etc.
(1) This section has effect for the interpretation of section 804C where the category of business concerned is life assurance business or a category of life assurance business.
(2) The “total income" of the category of business concerned for the period of account in question is the amount (if any) by which—
(a) so much of the total income shown in the revenue account in the periodical return of the company concerned for that period as is referable to that category of business,
exceeds
(b) so much of any commissions payable and any expenses of management incurred in connection with the acquisition of the business, as shown in that return, so far as referable to that category of business.
(3) Where any amounts fall to be brought into account in accordance with section 83 of the Finance Act 1989, the amounts that are referable to the category of business concerned shall be determined for the purposes of subsection (2) above in accordance with sections 432B to 432F.
1989 c. 26.
(4) The “total relevant expenses" of the category of business concerned for any period of account is the amount of the claims incurred—
(a) increased by any increase in the liabilities of the company, or
(b) reduced (but not below nil) by any decrease in the liabilities of the company.
(5) For the purposes of subsection (4) above, the amounts to be taken into account in the case of any period of account are the amounts as shown in the company’s periodical return for the period so far as referable to the category of business concerned.
Ss. 804C-804E inserted (with effect in accordance with Sch. 30 para. 18(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 18(1)

S. 804D modified (25.10.2000) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473), reg. 30D (as inserted by The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2000 (S.I. 2000/2710), regs. 1, 6; and as amended by S.I. 2004/822, regs. 1, 26)
S. 804D 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), 24