- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)This section applies in relation to the computation in accordance with the provisions of Case I of Schedule D of the profits of the insurance business, other than life assurance business, of—
(a)an insurance company,
(b)a corporate member of Lloyd's, or
(c)a controlled foreign company.
(2)For periods of account to which this section applies nothing in—
(a)section 70 of the Taxes Act 1988 (assessment to corporation tax on full amount of profits, etc), or
(b)section 42 of the Finance Act 1998 (c. 36) (computation of profits to be on basis giving true and fair view),
prevents the company from computing the profits of that business on a realisation basis rather than a mark to market basis.
A “realisation basis” means not recognising a profit or loss on an asset until it is realised, and a “mark to market basis” means bringing assets into account in each period of account at a fair value.
(3)Subject to subsection (4), this section applies in relation to any period of account that—
(a)began before 1st August 2001, and
(b)ends before 31st July 2002.
(4)This section does not apply if—
(a)an earlier period of account beginning on or after 1st January 2001 ended with an accounting date different from that with which the previous period of account ended,
(b)the change of accounting date was notified—
(i)to the registrar of companies, or
(ii)in the case of a company established under the law of a country or territory outside the United Kingdom, to the corresponding authority of that country or territory,
on or after 17th April 2002, and
(c)the purpose, or one of the purposes, for which the change was made was so that a subsequent period of account would be one to which section 64 above applies (computation of profits: adjustment on change of basis).
(5)In this section—
“controlled foreign company” has the same meaning as in Chapter 4 of Part 17 of the Taxes Act 1988; and
“corporate member of Lloyd's” means a corporate member as defined in section 230(1) of the Finance Act 1994 (c. 9).
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: