Valid from 01/04/2009

Part 6 U.K. Relationships treated as loan relationships etc

Chapter 11 U.K. Investment life insurance contracts

Old accounting period contracts U.K.

566 Introduction U.K.

(1) This section and sections 567 to 569 apply if the relevant company was a party to an investment life insurance contract immediately before the beginning of the first accounting period of the company beginning on or after 1 April 2008.

(2) In those sections—

• “the deemed surrender” means the surrender of all the rights under that contract that the relevant company was deemed for the purposes of Chapter 2 of Part 13 of ICTA (life policies etc) to have made F1 ... under paragraph 6(1) of Schedule 13 to FA 2008 F2 ...,

• “the first accounting period” means the first accounting period of the company beginning on or after [F3 1 April 2008], and

• “the old contract” means the contract mentioned in subsection (1).

Textual Amendments

F1 Words in s. 566(2) omitted (retrospective and with effect in accordance with art. 1(2) of the commencing S.I.) by virtue of Corporation Tax Act 2009 (Amendment) Order 2010 (S.I. 2010/614), arts. 1(1), 3(4)(a)(i)

F2 Words in s. 566(2) omitted (retrospective and with effect in accordance with art. 1(2) of the commencing S.I.) by virtue of Corporation Tax Act 2009 (Amendment) Order 2010 (S.I. 2010/614), arts. 1(1), 3(4)(a)(ii)

F3 Words in s. 566(2) substituted (retrospective and with effect in accordance with art. 1(2) of the commencing S.I.) by Corporation Tax Act 2009 (Amendment) Order 2010 (S.I. 2010/614), arts. 1(1), 3(4)(b)