SCHEDULES

SCHEDULE 23Insurance companies

Apportionment: foreign business assets

7

1

The amendments made by paragraphs 5 and 6 have effect in relation to periods of account beginning on or after 1 January 2009 and ending on or after 22 April 2009.

2

But an insurance company may, in its company tax return for—

a

an accounting period beginning on or after 1 January 2008 but before 1 January 2009, or

b

an accounting period beginning on or after 1 January 2009 and ending before 22 April 2009,

elect that the amendments made by paragraphs 5 and 6 have effect in relation to that accounting period.