SCHEDULES

SCHEDULE 8 Life assurance business

Part II Application of provisions to overseas life insurance companies

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In paragraph 9(1) of Schedule 19AC to the Taxes Act 1988 in the notionally inserted section 434(1A)—

(a)

after “UK distribution income of” insert “ , or foreign income dividends arising to, ”; and

(b)

for the words from “as part of the profit” to the end substitute—

“(a)

in any computation of profits for the purposes of section 89(7) of the Finance Act 1989, or

(b)

in any computation for the purposes of section 76(2) of the tax that would have been paid if the company had been charged to tax under Case I of Schedule D in respect of its life assurance business.”.