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1.—(1) This Order may be cited as the Insurance Companies (Corporation Tax Acts) (Amendment) Order 2006 and comes into force on 9th June 2006.
(2) This Order has effect in relation to periods of account beginning on or after 1st January 2005 and ending before 1st October 2006, but subject as follows.
(3) If, in relation to any period of account ending before 9th June 2006 for which an election in accordance with Rule 9.10(c) of the Prudential Sourcebook (Insurers) has effect, there are shareholders' excess losses and a decrease in value of inherited estate assets—
(a)the part of the amount mentioned in subsection (6) of section 432B of the Income and Corporation Taxes Act 1988 is not increased in accordance with that section, and
(b)those losses and that decrease in value are carried forward to the next period of account as shareholders' excess losses and a decrease in value of inherited estate assets (as the case may be).
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