SCHEDULE 10Insurance companies: miscellaneous
Priority of section 83(2) of FA 1989 etc
4
(1)
Section 83 of FA 1989 (receipts to be taken into account) is amended as follows.
(2)
“(2ZA)
Amounts brought into account as mentioned in subsection (2) above are not to be taken into account in any other way; and this subsection applies in spite of—
(a)
section 80(5) of the Finance Act 1996 (taxation of loan relationships),
(b)
paragraph 1(2) of Schedule 26 to the Finance Act 2002 (taxation of profits from derivative contracts), and
(c)
paragraph 1(3) of Schedule 29 to that Act (gains and losses in respect of intangible fixed assets).”
(3)
“(ab)
comprises a business transfer-in that is not brought into account in a revenue account prepared for the purposes of Chapter 9 of the Prudential Sourcebook (Insurers) in respect of the whole of the company's long-term business,”.
(4)
Omit—
(a)
in section 502H of ICTA, in subsection (2), paragraph (b) and the word “and” before it and subsections (8) to (10),
(b)
paragraph 2(2) and (3) to (5) of Schedule 11 to FA 1996,
(c)
paragraph 19(1) to (3) of Schedule 12 to FA 1997, and
(d)
paragraph 36(4) and (5) of Schedule 29 to FA 2002.