Part 3Income tax, corporation tax and capital gains tax

Insurance and friendly societies

38Insurance companies: gross roll-up business etc

1

Part 1 of Schedule 7 contains provisions relating to gross roll-up business, capital redemption business and miscellaneous minor matters relating to insurance companies.

2

The amendments made by that Part of that Schedule have effect—

a

for the purposes of corporation tax, for periods of account of insurance companies beginning on or after 1st January 2007, and

b

for the purposes of income tax, for the tax year 2007-08 and subsequent tax years.

3

Subsection (2) is subject to the transitional provisions in Part 2 of that Schedule.