Modifications etc. (not altering text)
C1Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)
Textual Amendments
F1S. 130 and cross-heading substituted (with effect in accordance with Sch. 14 para. 31 of the amending Act) by Finance Act 2009 (c. 10), Sch. 14 para. 22
(1)This section applies for the purpose of calculating the trading profits ofโ
(a)insurance business other than [F2business in relation to which section 111 of FA 2012 applies], or
(b)any category of such business.
(2)A receipt that is exempt for the purposes of Part 9A (company distributions) is not brought into account in calculating the profits of the trade.]
Textual Amendments
F2Words in s. 130(1)(a) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 144
(1)A receipt or expense that is attributable to the operation of a write-down order, or to a write-down order ceasing to have effect, is not brought into account in calculating the profits of a trade.
(2)In this section โwrite-down orderโ means an order under section 377A of the Financial Services and Markets Act 2000 (court order writing down liabilities of insurer).]
Textual Amendments
F3S. 130A inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 32(1)