SCHEDULES

SCHEDULE 33 U.K.Insurance companies

Case I profits U.K.

10 (1) Section 432E of the Taxes Act 1988 (apportionment of receipts brought into account: participating funds) is amended as follows. U.K.

F1 (2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) In subsection (2), omit—

(a) paragraph (a), and

(b) in paragraph (b), the words “in any other case,”.

(4) After subsection (2) insert—

“(2A) In a case where an amount is taken into account under subsection (2) of section 83 of the Finance Act 1989 by virtue of subsection (2B) of that section, the amount determined under subsection (2) above is increased by—

where—

CAS and AS have the same meanings as in subsection (2) above; and

RP is the amount taken into account under subsection (2) of section 83 of the Finance Act 1989 by virtue of subsection (2B) of that section.”.

(5) This paragraph has effect for periods of account beginning on or after 1st January 2003; but sub-paragraph (3) does not have effect in relation to any periods of account ending before 9th April 2003.

Textual Amendments

F1 Sch. 33 para. 10(2) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(7)