SCHEDULES
SCHEDULE 6Expenses of companies with investment business and insurance companies
Income and Corporation Taxes Act 1988
4Deductions: assets transferred within group
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.