27[F2(1)For the purposes of section 76 of the Taxes Act 1988, the total amount which may—
(a)be carried forward under subsection (12) F3... of that section from an accounting period in which the company claims a life assurance company tax credit, and
(b)be brought into account F4... in accordance with Step 7 in subsection (7) of that section,
is treated as reduced by the amount of the expenses payable surrendered.]
(2)For the purposes of sub-paragraph (1) the amount of the [F5expenses payable] surrendered is—
(a)where the maximum amount of life assurance company tax credit was claimed, the whole of the qualifying loss for that period;
(b)where less than the maximum amount was claimed, a corresponding proportion of the qualifying loss for that period.
The “maximum amount” here means the amount specified in paragraph 25(1).
Textual Amendments
F1Sch. 22 para. 27 heading substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 1(2), Sch. para. 63(4)
F2Sch. 22 para. 27(1) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 1(2), Sch. para. 63(2)
F3Words in Sch. 22 para. 27(1)(a) omitted (with effect in accordance with Sch. 17 para. 23(8) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 17 para. 23(7)(a)
F4Words in Sch. 22 para. 27(1)(b) omitted (with effect in accordance with Sch. 17 para. 23(8) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 17 para. 23(7)(b)
F5Words in Sch. 22 para. 27(2) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 1(2), Sch. para. 63(3)