SCHEDULES
C2C4C5SCHEDULE 11 Loan relationships: special provisions for insurers
Sch. 11 modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), regs. 1(1), 40 (as amended (with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2007 (S.I. 2007/2134), regs. 1(1), 31)
Sch. 11 modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), regs. 1(1), 41 (as amended (with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2007 (S.I. 2007/2134), regs. 1(1), 32(a))
C1 Part I Insurance companies
Sch. 11 Pt. I applied (with modifications) (29.4.1996) by 1994 c. 9, s.169, Sch. 18 para. 1 (as substituted (29.4.1996) by 1996 c. 8, s.104, Sch. 14 para. 79 (with saving in Pt. IV Ch. II))
Sch. 11 Pt. I applied (with modifications) (24.7.2002 with effect as mentioned in s. 83(3)(4) of the amending Act) by Finance Act 2002 (c. 23), s. 83(1), Sch. 26 Pt. 8 para. 42
Apportionments
C3F13A
1
This paragraph applies where—
a
2
If any debits relate to interest payable in respect of the late payment of any benefits, they are referable to the category of F5long-term business which comprises the effecting and carrying out of the policies or contracts under which the benefits are payable.
3
If the liability is a liability of an internal linked fund of the company, any debits or credits are referable—
a
to the category of F5long-term business to which the fund relates; or
b
where the fund relates to two or more categories of such business, to those categories in the same proportion as the linked assets in the fund are apportioned to them under section 432ZA(4) of the Taxes Act 1988 (linked assets).
4
In any case not falling within sub-paragraph (2) or (3) above, there shall be referable to any category of F5long-term business the relevant fraction of any debits or credits.
5
For the purpose of determining that fraction, F6subsections (6), (6A)F8, (6B) and (8) of section 432A of the Taxes Act 1988 (apportionment of income and gains) shall have effect as if—
a
the debits or credits were income not directly referable to any category of business;
b
F7the references in subsections (6)(a) and (6A)(a) to assets directly referable to a category of business were a reference to assets linked to that category of business; and
F9c
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F106
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sch. 11 modified (retrospective to 1.1.1995) by S.I. 1997/473, reg. 53
Sch. 11 modified (13.10.1999) by S.I. 1997/473, reg. 53ZA (as inserted (13.10.1999) by S.I. 1999/2636, reg. 6)