SCHEDULES

SCHEDULE 7Insurance business: gross roll-up business etc

Part 1Amendments

Income and Corporation Taxes Act 1988 (c. 1)

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(1)

Section 444AF (demutualisation surplus: life assurance business) is amended as follows.

(2)

In subsection (4)(b), for “sections 432C and 432D apply” substitute “ section 432C applies ”.

(3)

In subsection (5)(b), for “the profits of any category of the company's life assurance business chargeable to tax under Case VI of Schedule D” substitute “ profits of the company chargeable under Case VI of Schedule D under section 436A (gross roll-up business) ”.