SCHEDULES
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
After subsection (2) insert—
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
In subsection (2A), after paragraph (aa) insert—
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, F1...
F1d
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