Part II Income Tax, Corporation Tax and Capital Gains Tax
CHAPTER I General
Life assurance
C188 Corporation tax: policy holders’ F5share of profits.
1
Subject to subsection (2) F4... below, in the case of a company carrying on life assurance business, the rate of corporation tax chargeable for any financial year on
F1a
the policy holders’ share of the relevant profits for any accounting period, or
b
where the business is mutual business, the whole of those profits,
shall be deemed to be the rate at which income tax at the F9basic rate is charged for the year of assessment which begins on 6th April in the financial year concerned.
F62
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F73
For the purposes of subsection (1) above the relevant profits of a company for an accounting period consist of the aggregate of—
a
the company's BLAGAB profits for the period, and
b
profits of the company chargeable F10... under section 436A of the Taxes Act 1988 (gross roll-up business) for the period.
4
In determining for the purposes of section 13 of the Taxes Act 1988 (small companies’ relief) the profits and basic profits (within the meaning of that section) of an accounting period of a company carrying on life assurance business, the policy holders’ F2share of the company’s relevant profits for that periodF3, or where the business is mutual business the whole of those profits, shall be left out of account.
5
This section has effect with respect to the profits of a company for accounting periods beginning on or after 1st January 1990 F8...