SCHEDULES
F8SCHEDULE 8A Modification of sections 83 and 89 in relation to overseas life insurance companies
F6F12
1
In its application to an overseas life insurance company section 89 of this Act shall have effect with the following modifications; and in those modifications any reference to the Taxes Act 1988 is a reference to that Act as it has effect in relation to such a company by virtue of Schedule 19AC to that Act.
2
Any reference to franked investment income shall be treated as a reference to UK distribution income (as defined by F2paragraph 5B(4) of that Schedule).
3
Any reference in subsection (5)(a) to income shall be construed as a reference to such of the income concerned as is attributable to the branch or agency in the United Kingdom through which the company carries on life assurance business.
4
The reference in subsection (5)(b) to assets shall be construed as a reference to such of the assets concerned—
a
as are—
i
section 11(2)(b) assets;
ii
section 11(2)(c) assets; or
iii
assets which by virtue of section 11B of the Taxes Act 1988 are attributed to the branch or agency; or
b
as are assets—
i
(in a case where section 11C of that Act (other than subsection (9)) applies) of the relevant fund, or
ii
(in a case where that section including that subsection applies) of the relevant funds,
other than assets which fall within paragraph (a) above.
5
In subsection (5)(c) the reference to expenses shall be construed as a reference to such of the expenses concerned as are attributable to the branch or agency.
6
In subsection (5)(d) the reference to interest shall be construed as a reference to such of the interest concerned as is so attributable.
7
In determining for the purposes of subsection (5) whether there has been any increase or reduction in the value (whether realised or not) of assets—
a
no regard shall be had to any period of time during which an asset does not fall within paragraph (a) or (b) of sub-paragraph (4) above; and
b
in the case of an asset which falls within paragraph (b) of that sub-paragraph, only the specified portion of any increase or reduction in the value of the asset shall be taken into account;
F3and in paragraph (b) above the “specified portion” has the same meaning as in paragraph 1A(3)(b) above.
F47A
For the purposes of this paragraph any expression to which a meaning is given by section 11A of the Taxes Act 1988 has that meaning.
8
Where for a period of account any item consisting of income, expenses or interest referred to in subsection (5) is not brought into account within the meaning given by subsection (6) it shall be treated as brought into account for the period if it arises in the period.
9
Where for a period of account any increase in value referred to in subsection (5) is not brought into account within the meaning given by subsection (6) it shall be treated as brought into account for the period if it is shown in the company’s records as available to fund one or both of the following for the period, namely, bonuses to policy holders and dividends to shareholders.
10
Where for a period of account any reduction in value referred to in subsection (5) is not brought into account within the meaning given by subsection (6) it shall be treated as brought into account for the period if it is shown in the company’s records as reducing sums available to fund one or both of the following for the period, namely, bonuses to policy holders and dividends to shareholders.
F511
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7SCHEDULE 8A Modification of sections 83 and 89 in relation to overseas life insurance companies
Sch. 8A inserted (27.7.1993) by 1993 c. 34, s. 101(2), Sch.10
F12
1
In its application to an overseas life insurance company section 89 of this Act shall have effect with the following modifications; and in those modifications any reference to the Taxes Act 1988 is a reference to that Act as it has effect in relation to such a company by virtue of Schedule 19AC to that Act.
2
Any reference to franked investment income shall be treated as a reference to UK distribution income (as defined by paragraph 5B(4) of that Schedule).
3
Any reference in subsection (5)(a) to income shall be construed as a reference to such of the income concerned as is attributable to the branch or agency in the United Kingdom through which the company carries on life assurance business.
4
The reference in subsection (5)(b) to assets shall be construed as a reference to such of the assets concerned—
a
as are—
i
section 11(2)(b) assets;
ii
section 11(2)(c) assets; or
iii
assets which by virtue of section 11B of the Taxes Act 1988 are attributed to the branch or agency; or
b
as are assets—
i
(in a case where section 11C of that Act (other than subsection (9)) applies) of the relevant fund, or
ii
(in a case where that section including that subsection applies) of the relevant funds,
other than assets which fall within paragraph (a) above.
5
In subsection (5)(c) the reference to expenses shall be construed as a reference to such of the expenses concerned as are attributable to the branch or agency.
6
In subsection (5)(d) the reference to interest shall be construed as a reference to such of the interest concerned as is so attributable.
7
In determining for the purposes of subsection (5) whether there has been any increase or reduction in the value (whether realised or not) of assets—
a
no regard shall be had to any period of time during which an asset does not fall within paragraph (a) or (b) of sub-paragraph (4) above; and
b
in the case of an asset which falls within paragraph (b) of that sub-paragraph, only the specified portion of any increase or reduction in the value of the asset shall be taken into account;
and in paragraph (b) above the “specified portion” has the same meaning as in paragraph 1A(3)(b) above.
7A
For the purposes of this paragraph any expression to which a meaning is given by section 11A of the Taxes Act 1988 has that meaning.
8
Where for a period of account any item consisting of income, expenses or interest referred to in subsection (5) is not brought into account within the meaning given by subsection (6) it shall be treated as brought into account for the period if it arises in the period.
9
Where for a period of account any increase in value referred to in subsection (5) is not brought into account within the meaning given by subsection (6) it shall be treated as brought into account for the period if it is shown in the company’s records as available to fund one or both of the following for the period, namely, bonuses to policy holders and dividends to shareholders.
10
Where for a period of account any reduction in value referred to in subsection (5) is not brought into account within the meaning given by subsection (6) it shall be treated as brought into account for the period if it is shown in the company’s records as reducing sums available to fund one or both of the following for the period, namely, bonuses to policy holders and dividends to shareholders.
F511
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sch. 8A inserted (27.7.1993) by 1993 c. 34, s. 101(2), Sch.10