Part II Income Tax, Corporation Tax and Capital Gains Tax

CHAPTER I General

Life assurance

C1C183A F1 Meaning of “brought into account”.

1

F2 In sections 83 to 83AB “ brought into account ” means brought into account in an account which is recognised for the purposes of F3 those sections .

2

Subject to the following provisions of this section and to any regulations made by the Treasury, the accounts recognised for the purposes of F4those sections are—

a

a revenue account prepared for the purposes of F5Chapter 9 of the Prudential Sourcebook (Insurers) in respect of the whole of the company’s F6long-term business;

b

any separate revenue account required to be prepared F7under that Chapter in respect of a part of that business.

F8In paragraph (a) F9above “the Prudential Sourcebook (Insurers)” means the Interim Prudential Sourcebook for Insurers made by the Financial Services Authority under the Financial Services and Markets Act 2000.F10Paragraph (b) above does not include accounts required in respect of internal linked funds.

3

Where there are prepared any such separate accounts as are mentioned in subsection (2)(b) above, reference shall be made to those accounts rather than to the account for the whole of the business.

4

If in any such case the total of the items brought into account in the separate accounts is not equal to the total amount brought into account in the account prepared for the whole business, there shall be treated as having been required and prepared a further separate revenue account covering the balance.

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