- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
20.—(1) Paragraphs (2) to (4) prescribe modifications of paragraph 6 of Schedule 7 to the Finance Act 1991 so far as it applies to the life or endowment business carried on by directive societies and paragraphs (5) to (7) prescribe modifications of that paragraph so far as it applies to the life or endowment business carried on by non-directive societies for accounting periods beginning on or after 1st January 1992.
(2) For sub-paragraph (3) there shall be substituted—
“(3) Immediately before the commencement of the first accounting period of a society beginning on or after 1st January 1992—
(a)all the assets held by the society and falling within the category set out in paragraph (a) of subsection (4) of section 440 of that Act (taxable basic life assurance business),
(b)so much of the assets held by the society and falling within the category set out in paragraph (d) of that subsection (assets not falling within any other category) as are linked solely to taxable general annuity business, and
(c)so much of the assets held by the society and falling within that category as, although not falling within paragraph (b) above, would be regarded as linked solely to the society’s taxable basic life assurance business were its general annuity business treated as forming part of its basic life assurance business and as not being a separate category of business,
shall be taken to have been transferred from the category in question to the category of assets linked solely to taxable basic life assurance and general annuity business.”
(3) After sub-paragraph (3) there shall be inserted—
“(3A) Immediately before the commencement of the first accounting period of a society beginning on or after 1st January 1992—
(a)all the assets held by the society and falling within the category set out in paragraph (aa) of subsection (4) of section 440 of that Act (tax exempt basic life assurance business),
(b)so much of the assets held by the society and falling within the category set out in paragraph (d) of that subsection (assets not falling within any other category) as are linked solely to tax exempt general annuity business, and
(c)so much of the assets held by the society and falling within that category as, although not falling within paragraph (b) above, would be regarded as linked solely to the society’s tax exempt basic life assurance business were its general annuity business treated as forming part of its basic life assurance business and as not being a separate category of business,
shall be taken to have been transferred from the category in question to the category of assets linked solely to tax exempt basic life assurance and general annuity business.”
(4) In sub-paragraph (4) for the words following “another” there shall be substituted the words “by sub-paragraphs (3) or (3A) above.”
(5) For sub-paragraph (3) there shall be substituted—
“(3) Immediately before the commencement of the first accounting period of a society beginning on or after 1st January 1992—
(a)all the assets held by the society and falling within the category set out in paragraph (a) of subsection (4) of section 440 of that Act (taxable basic life assurance business),
(b)so much of the assets held by the society and falling within the category set out in paragraph (e) of that subsection (assets not falling within any other category) as are linked solely to taxable general annuity business, and
(c)so much of the assets held by the society and falling within that category as, although not falling within paragraph (b) above, would be regarded as linked solely to the society’s taxable basic life assurance business were its general annuity business treated as forming part of its basic life assurance business and as not being a separate category of business,
shall be taken to have been transferred from the category in question to the category of assets linked solely to taxable basic life assurance and general annuity business.”
(6) After sub-paragraph (3) there shall be inserted—
“(3A) Immediately before the commencement of the first accounting period of a society beginning on or after 1st January 1992—
(a)all the assets held by the society and falling within the category set out in paragraph (aa) of subsection (4) of section 440 of that Act (tax exempt basic life assurance business),
(b)so much of the assets held by the society and falling within the category set out in paragraph (e) of that subsection (assets not falling within any other category) as are linked solely to tax exempt general annuity business, and
(c)so much of the assets held by the society and falling within that category as, although not falling within paragraph (b) above, would be regarded as linked solely to the society’s tax exempt basic life assurance business were its general annuity business treated as forming part of its basic life assurance business and as not being a separate category of business,
shall be taken to have been transferred from the category in question to the category of assets linked solely to tax exempt basic life assurance and general annuity business.”
(7) In sub-paragraph (4) for the words following “another” there shall be substituted the words “by sub-paragraphs (3) or (3A) above.”
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include: