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Finance Act 2007
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- UK Public General Acts
- 2007 c. 11
- SCHEDULE 7
- Part 2
- Paragraph 83
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Carry forward of unused non-pension business losses
83(1)In paragraph 82 “unused non-pension business loss”, in relation to an insurance company, means the aggregate of the following amounts—
(a)any unexhausted individual savings account business loss (see sub-paragraph (2)),
(b)any unexhausted child trust fund business loss (see sub-paragraph (3)),
(c)any unexhausted life reinsurance business loss (see sub-paragraph (4)), and
(d)any unexhausted overseas life assurance business loss (see sub-paragraph (5)).
(2)In this paragraph “unexhausted individual savings account business loss”, in relation to an insurance company, means so much of any losses incurred by the company on its individual savings account business in any pre-commencement period as were not set off by virtue of a relevant provision (see sub-paragraph (6)) against profits in any such period.
(3)In this paragraph “unexhausted child trust fund business loss”, in relation to an insurance company, means so much of any losses incurred by the company on its child trust fund business in any pre-commencement period as were not set off by virtue of a relevant provision against profits in any such period.
(4)In this paragraph “unexhausted life reinsurance business loss”, in relation to an insurance company, means so much of any losses incurred by the company on its life reinsurance business in any pre-commencement period as were not set off under section 439B(3)(c) of ICTA against profits in any such period.
(5)In this paragraph “unexhausted overseas life assurance business loss”, in relation to an insurance company, means so much of any losses incurred by the company on its overseas life assurance business in any pre-commencement period as were not set off under section 441(4)(b) of ICTA against profits in any such period.
(6)In this paragraph “relevant provision” means—
(a)regulation 13 of the Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871), or
(b)regulation 11 of the Child Trust Funds (Insurance Companies) Regulations 2004 (S.I. 2004/2680).
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