SCHEDULES
SCHEDULE 3 Insurance companies and friendly societies
Schedule 19AB to the Taxes Act 1988
10
1
Schedule 19AB to the Taxes Act 1988 (payments on account of tax credits and deducted tax) shall be amended as follows.
2
In paragraph 1 (entitlement to certain payments on account) in sub-paragraph (1)—
a
the words “the aggregate of” shall cease to have effect; and
b
paragraph (b) (which confers entitlement to payments in respect of tax credits) shall cease to have effect.
3
In sub-paragraph (7) of that paragraph, as that sub-paragraph has effect apart from the provisions of paragraph 1(6) of Schedule 34 to the M1Finance Act 1996—
a
the words “paid or” shall cease to have effect;
b
paragraph (b) shall cease to have effect; and
c
in the words following paragraph (b), the words “or in section 42(5A) of the Management Act” shall cease to have effect.
4
Sub-paragraph (8) (which falls with the repeal of section 438(6)) shall cease to have effect.
5
In sub-paragraph (10) (which defines “pension business repayments”)—
a
the words “and payments of tax credits”, and
b
the words “or in section 42(5A) of the Management Act”,
shall cease to have effect.
6
Sub-paragraph (2) above has effect in relation to distributions made on or after 2nd July 1997.
7
Sub-paragraphs (3) to (5) above have effect for accounting periods beginning on or after 2nd July 1997.