SCHEDULES

SCHEDULE 8 Life assurance business

Part II Application of provisions to overseas life insurance companies

43 (1) In paragraph 10(1) of Schedule 19AC to the Taxes Act 1988, in the notionally inserted section 438(3A)—

(a) for “subsection (6)” substitute “subsections (6) and (6B)”;

(b) after “UK distribution income of ” insert “, or foreign income dividends arising to,”;

(c) after “taken into account” insert “—(a)”; and

(d) after “pension business” insert— “, or

(b) where the company is charged to tax in respect of its life assurance business under Case I of Schedule D, in computing the profits of that business.”.

(2) In paragraph 10(2) for “subsections (6) and (6A)” substitute “subsections (6), (6A), (6D) and (6E)”.