- Latest available (Revised)
- Point in Time (01/04/2008)
- Original (As enacted)
Version Superseded: 21/07/2008
Point in time view as at 01/04/2008.
Finance Act 2007, Paragraph 13 is up to date with all changes known to be in force on or before 07 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
13(1)Section 432A (apportionment of income and gains) is amended as follows.U.K.
(2)In subsection (1A), for “shall be” substitute “ is ”.
(3)In subsection (2), for paragraphs (a) to (f) substitute—
“(a)basic life assurance and general annuity business,
(b)gross roll-up business, and
(c)PHI business.”
(4)In subsection (3), for “(apart from overseas life assurance business) shall be” substitute “ is ”.
(5)Omit subsection (4).
(6)Before subsection (5) insert—
“(4A)Income arising from, and gains or losses accruing on the disposal of, foreign currency assets is referable to gross roll-up business.”
(7)In subsection (5)—
(a)for “shall be” substitute “ is ”, and
(b)omit “(apart from overseas life assurance business)”.
(8)For subsections (6) to (6AA) substitute—
“(6)For the purposes of subsection (5) above “the relevant fraction”, in relation to basic life assurance and general annuity business, is—
where—
A is the aggregate of—
(a) the mean of the opening and closing liabilities of the basic life assurance and general annuity business (but taking that mean to be nil if it would otherwise be below nil), reduced (but not below nil) by the mean of the opening and closing net values of any assets directly referable to that category of business,
(b) if there has been a relevant reattribution, the mean of the opening and closing amounts of the shareholders' excess assets, and
(c) the mean of the appropriate parts (that is, the parts relating to that category) of the opening and closing amounts of the free assets amounts;
B is the aggregate of—
(a) the mean of the opening and closing liabilities of the gross roll-up business (but taking that mean to be nil if it would otherwise be below nil), reduced (but not below nil) by the mean of the opening and closing net values of any assets directly referable to that category of business, and
(b) the mean of the appropriate parts (that is, the parts relating to that category) of the opening and closing amounts of the free assets amounts; and
C is the aggregate of—
(a) the mean of the opening and closing liabilities of the PHI business (but taking that mean to be nil if it would otherwise be below nil), reduced (but not below nil) by the mean of the opening and closing net values of any assets directly referable to that category of business, and
(b) the mean of the appropriate parts (that is, the parts relating to that category) of the opening and closing amounts of the free assets amounts.
(6A)For the purposes of subsection (5) above “the relevant fraction”, in relation to gross roll-up business, is—
where A, B and C have the same meaning as in subsection (6) above.
(6B)For the purposes of subsection (5) above “the relevant fraction”, in relation to PHI business, is—
where A, B and C have the same meaning as in subsection (6) above.
(6C)But if the denominator found in accordance with subsection (6), (6A) or (6B) above is nil, the relevant fraction for the purposes of subsection (5) above in relation to the category of business in question is such fraction as is just and reasonable.”
(9)In subsection (7)—
(a)for “and (6A)” substitute “ , (6A) and (6B) ”,
(b)in paragraph (a), for “(4)” substitute “ (4A) ”,
(c)in paragraph (b), after “(3)” insert “ or (4A) ”, and
(d)in paragraph (c), omit “438B,”.
(10)In subsection (8), for “subsections (6) and (6A)” substitute “ subsection (6) ”.
(11)In subsection (8ZA), for “subsections (6) and (6A)” substitute “ paragraph (c) of the definition of A and paragraph (b) of the definitions of B and C in subsection (6) ”.
(12)Omit subsection (9).
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: