SCHEDULES
SCHEDULE 8Insurance companies: basis of taxation etc
Part 1Amendments
Income and Corporation Taxes Act 1988 (c. 1)
3
In section 431(2) (interpretative provisions relating to insurance companies), insert at the appropriate place—
“the I minus E basis” means the basis under which a company carrying on life assurance business is charged to tax on the relevant profits (within the meaning of section 88(3) of the Finance Act 1989) of that business otherwise than under Case I of Schedule D;