SCHEDULES
SCHEDULE 6Expenses of companies with investment business and insurance companies
Income and Corporation Taxes Act 1988
Deductions: assets transferred within group
4
1
Section 768C of the Taxes Act 1988 is amended as follows.
2
In subsection (1)
(case where section applies) in paragraph (a) for “an investment company” substitute “
a company with investment business
”
.
3
In subsection (7)
(no deduction under section 75 from an amount of total profits equal to the amount of the relevant gain) in paragraph (a) for “sums disbursed” substitute “
expenses of management deductible
”
.
4
In subsection (12), for the definition of “investment company”substitute—
“company with investment business” has the same meaning as in Part 4.