SCHEDULES

SCHEDULE 7Insurance business: gross roll-up business etc

Part 1Amendments

Finance Act 1989 (c. 26)

57

FA 1989 is amended as follows.

F158

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59

In section 89(1A) (policy holders' share of profits), for paragraph (a) substitute—

a

deducting from any profits of the company for the period chargeable under Case VI of Schedule D under section 436A of the Taxes Act 1988 so much of the Case I profits of the company for the period in respect of its life assurance business as does not exceed the amount of any profits of the company for the period so chargeable, and