Search Legislation

Finance Act 2012

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 127

 Help about opening options

Alternative versions:

Status:

Point in time view as at 16/11/2017.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2012, Section 127. Help about Changes to Legislation

127No relief against policyholders' share of I - E profitU.K.
This section has no associated Explanatory Notes

(1)This section applies in the case of an insurance company carrying on basic life assurance and general annuity business.

(2)None of the following reliefs are to be given against the policyholders' share of any I - E profit of the company for any accounting period (as determined for the purposes of section 102).

(3)The reliefs in question are—

[F1(za)relief under section 124B (relief of excess carried-forward BLAGAB trade losses against total profits),]

(a)relief under section 37 of CTA 2010 (including as applied by section 123),

(b)relief under Chapter 2 or 4 of Part 4 of CTA 2010 (loss relief),

(c)relief under Part 5 of CTA 2010 (group relief) (including as applied by section 125),

[F2(ca)relief under Chapter 3 of Part 5A of CTA 2010 (group relief for carried-forward losses),]

(d)relief in respect of any qualifying charitable donation,

(e)relief in respect of any amount representing a non-trading deficit on the company's loan relationships calculated otherwise than by reference to debits and credits referable, in accordance with Chapter 4, to its basic life assurance and general annuity business.

(4)If the company's basic life assurance and general annuity business is mutual business, subsection (3)(d) does not apply.

Textual Amendments

F1S. 127(3)(za) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 189(a)

F2S. 127(3)(ca) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 189(b)

Back to top

Options/Help

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?