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Changes over time for: Paragraph 3


Timeline of Changes
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Version Superseded: 24/07/2002
Status:
Point in time view as at 01/06/2002. This version of this provision has been superseded.

Status
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Changes to legislation:
There are currently no known outstanding effects for the Finance Act 1994, Paragraph 3.

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3(1)Subject to sub-paragraph (2) below, sub-paragraph (3) below applies where a qualifying contract was at any time in an accounting period of a mutual trading company held by the company for the purposes of any non-life mutual business carried on by it.
(2)Where the qualifying contract was held partly for the purposes of the non-life mutual business and partly for other purposes—
(a)the profit or loss on the contract for the period shall be apportioned on a just and reasonable basis, and
(b)any reference in sub-paragraph (3) below to that profit or loss shall be construed as a reference to so much of it as is referable to the non-life mutual business.
(3)Notwithstanding anything in section 159 of this Act—
(a)no part of the profit or loss on the contract for the period shall be treated for the purposes of the Tax Acts as a profit or loss of a trade or part of a trade, and
(b)accordingly, the whole of that profit or loss shall be treated for the purposes of section 160 of this Act as a non-trading profit or loss.
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