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- Point in Time (17/07/2012)
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Version Superseded: 16/11/2017
Point in time view as at 17/07/2012.
There are currently no known outstanding effects for the Finance Act 2012, Cross Heading: Taxation (International and Other Provisions) Act 2010.
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232U.K.TIOPA 2010 is amended as follows.
233U.K.In section 43(7) (profits attributable to permanent establishments for purposes of section 42(2)), omit “(within the meaning given by section 431(2) of ICTA)”.
234U.K.In section 72(2) (application of section 73(1)), omit paragraph (b) (together with the “or” before it).
235U.K.In section 96(1) (companies with overseas branches: restriction of credit)—
(a)omit “or section 436A of ICTA”,
(b)omit “, calculated in accordance with the provisions applicable for the purposes of section 35 of CTA 2009,” and
(c)for “life assurance business or gross roll-up business” substitute “ non-BLAGAB long-term business ”.
236U.K.For section 97 substitute—
(1)This section applies if—
(a)an insurance company carries on more than one category of long-term business in an accounting period, and
(b)there arises to the company in that period any income or gain (“the relevant income”) in respect of which credit for foreign tax is to be allowed under the arrangements.
(2)The amount of the credit for foreign tax which, under the arrangements, is allowable against corporation tax in respect of so much of the relevant income as is referable, in accordance with Part 2 of FA 2012, to a particular category of business must not exceed the fraction of the foreign tax which, in accordance with subsection (3), is attributable to that category of business.
(3)The fraction of the foreign tax that is attributable to the category of business in question is the fraction given by—
where—
RPRI is the amount of the relevant income referable to the category of business in question in accordance with section 97A, and
TRI is the total amount of the relevant income.
(1)The amount of the relevant income that, for the purposes of section 97, is to be regarded as referable to a category of business is to be determined in accordance with an acceptable commercial method adopted by the company for the period of account in which the relevant income arises.
(2)A method is an “acceptable commercial method” if, in all the circumstances, it can reasonably be regarded as providing a fair method for the purposes of section 97 for determining for a period of account the amount of any income or gain arising in the period that is referable to a particular category of long-term business carried on by the company.
(3)The Treasury may make regulations for the purposes of this section—
(a)prescribing cases in which a method is, or is not, to be regarded as an acceptable commercial method, and
(b)prescribing cases in which the only acceptable commercial method is to be a method prescribed, or of a description prescribed, in the regulations.
(4)Subject to any provision made by regulations under subsection (3), the method adopted for the purposes of this section for a period of account must be consistent with the method adopted for the purposes of section 98 or 115 of FA 2012 for that period.”
237U.K.Omit section 98 (attribution for section 97 purposes if category is gross roll-up business).
238U.K.In section 99(7) (allocation of expense etc in calculations under section 35 of CTA 2009), for “98” substitute “ 97A ”.
239U.K.Omit section 102 (interpreting sections 99 to 101 for life assurance or gross roll-up business).
240(1)Section 103 (interpreting sections 99 to 101 for other insurance business) is amended as follows.U.K.
(2)In subsection (1), omit the words from “if” to the end.
(3)In the heading, omit “for other insurance business”.
241U.K.In section 104(3) (interpreting sections 100 and 101: amounts referable to category of business), for “98” substitute “ 97A ”.
242U.K.In section 269(6) (insurance activities and insurance-related activities), in the definition of “contract of insurance”, for “has the same meaning as in Chapter 1 of Part 12 of ICTA” substitute “ has the meaning given by section 64 of FA 2012 ”.
243U.K.In section 310(2) (meaning of “carried-forward amount”)—
(a)in paragraph (a), for “section 76(12) or (13) of ICTA (certain expenses of insurance companies)” substitute “ section 73 or 93 of FA 2012 for use at step 5 in section 76 of that Act (the I - E basis for insurance companies) ”, and
(b)omit paragraph (b).
244U.K.In Part 1 of Schedule 11 (index of defined expressions used in Parts 2 and 3 of Act), insert the following entries at the appropriate places—
“insurance company | section 65 of FA 2012 (as applied by section 141(2) of that Act)” |
“long-term business | section 63 of FA 2012 (as applied by section 141(2) of that Act)” |
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