Finance Act 2004

Meaning of “referable” U.K.

8 (1) Section 432A of the Taxes Act 1988 (apportionment of income and gains) is amended as follows. U.K.

(2) In subsection (1), for “where in any period an insurance company carries on more than one category of business and it is necessary for the purposes of the Corporation Tax Acts to determine in relation to the period” substitute “ for determining for the purposes of any provision of the Corporation Tax Acts in relation to any period for which an insurance company carries on business ”.

(3) After that subsection insert—

“(1A) If the company carries on only one category of business in the period, all of the income and gains or losses referred to in subsection (1) above shall be referable to that category of business; but if the company carries on more than one category of business in the period, the following provisions shall apply.”.

(4) In subsection (2), for “subsection (1)” substitute “ subsections (1) and (1A) ”.

9 F1 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

(2) In the following provisions of the Finance Act 1989 (c. 26) (which relate to the policy holders' share of profits)—

(a) section 88(3A)(a),

(b) the words within quotation marks in the portion of section 88(3B) preceding paragraph (a),

(c) the portion of section 89(1B) preceding paragraph (a), and

(d) section 89(2)(b),

after “referable” insert “ (in accordance with section 432A of the Taxes Act 1988) ”; and, in consequence of the amendment made by paragraph (b), in section 88(3B), for “referable to that business” substitute “ so referable ”.

(3) In the following provisions of the Taxation of Chargeable Gains Act 1992 (c. 12)—

(a) the definitions of “BLAGAB allowable losses” and “BLAGAB chargeable gains” in section 210A(13) (ring-fencing of losses),

(b) section 211ZA(10) (transfers of business: transfer of unused losses), and

(c) section 213(1A)(a) (spreading of gains and losses under section 212), after “referable” insert “ (in accordance with section 432A of the Taxes Act) ”.

Textual Amendments

F1 Sch. 7 para. 9(1) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(7)