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20(1)For section 434A of the Taxes Act 1988 substitute—U.K.
(1)In ascertaining whether or to what extent a company has incurred a loss on its life assurance business profits derived from investments held for the purposes of that business (including franked investment income of, and foreign income dividends arising to, a company resident in the United Kingdom) shall be treated as part of the profits of that business.
(2)Where for any accounting period the loss arising to an insurance company from its life assurance business falls to be computed in accordance with the provisions of this Act applicable to Case I of Schedule D, any loss resulting from the computation shall be reduced (but not below nil) by the aggregate of—
(a)any losses for that period under section 436, 441 or 439B, and
(b)the amount of interest and annuities treated as charges on income in computing for the period otherwise than in accordance with the provisions of this Act applicable to Case I of Schedule D the profits or losses of the company’s life assurance business.
(3)In the case of a company carrying on life assurance business, no relief shall be allowable under—
(a)Chapter II (loss relief) or Chapter IV (group relief) of Part X, or
(b)Chapter II of Part II of the Finance Act 1993 so far as it has effect in relation to losses treated as non-trading losses for the purposes of section 160 of the Finance Act 1994,
against the policy holders’ share of the relevant profits for any accounting period.
For the purposes of this subsection “the policy holders’ share of the relevant profits” has the same meaning as in section 88 of the Finance Act 1989.”.
(2)In section 65(2) of the Finance (No. 2) Act 1992, for paragraph (a) substitute—
“(a)section 434A(1) of the Taxes Act 1988 (profits derived from investments held for purposes of life assurance business treated as profits of that business in ascertaining loss);”.
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