Part IV Income Tax, Corporation Tax and Capital Gains Tax
Chapter VI Miscellaneous provisions
Insurance companies
164 Limits on relief for expenses.
F21
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F32
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
In paragraph 5 of Schedule 19AC to the Taxes Act 1988 (modification of section 76)—
F1a
in sub-paragraph (1), in the subsection (6B) treated as inserted in section 76, for “their” there shall be substituted “
its
”
and the words “
and subsections (2) and (3)(b) above
”
shall be omitted; and
b
after that sub-paragraph there shall be inserted the following sub-paragraph—
1A
In section 76 references to franked investment income shall be treated as being references to UK distribution income within the meaning of paragraph 5B of this Schedule.
4
In section 56(4) of the Taxes Act 1988 (which contains a reference to the computation required by section 76(2) of that Act), for “by” there shall be substituted “
for the purposes of
”
.
5
Subject to subsection (6) below, this section has effect in relation to accounting periods beginning on or after 1st January 1996.
F46
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .