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) ”.