Finance Act 2003

Case I profits

12 (1) In section 76(2B)(b) of the Taxes Act 1988 (expenses of management), for “the franked investment income of, and foreign income dividends arising to, the company” substitute “distributions received by the company from companies resident in the United Kingdom”.

(2) In section 434(3A) of the Taxes Act 1988 (franked investment income etc), for “The policy holders' share of the franked investment income from investments held in connection with a company's” substitute “So much of the policy holders' share of the franked investment income from investments of a company’s long-term insurance fund as is referable to its”.

(3) In section 441(1) and (2) of the Taxes Act 1988 (overseas life assurance business), omit “and section 441A”.

(4) In section 89(2)(b) of the Finance Act 1989 (c. 26) (policy holders' share of profits), for “franked investment income arising in the period which is” substitute “distributions received from companies resident in the United Kingdom in the period which are”.

(5) Apart from sub-paragraph (3), this paragraph has effect in relation to distributions on or after 9th April 2003.