- Latest available (Revised)
- Point in Time (29/04/1996)
- Original (As enacted)
Finance Act 1994
You are here:
- UK Public General Acts
- 1994 c. 9
- SCHEDULE 18
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland and Northern Ireland)
- Show Timeline of Changes
Opening Options
More Resources
Changes over time for: SCHEDULE 18
Version Superseded: 24/07/2002
Alternative versions:
- 03/05/1994- Amendment
- 01/05/1995- Amendment
- 29/04/1996- Amendment
- 29/04/1996
Point in time - 24/07/2002- Amendment
Status:
Point in time view as at 29/04/1996.
Changes to legislation:
Finance Act 1994, SCHEDULE 18 is up to date with all changes known to be in force on or before 18 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
Section 169.
SCHEDULE 18U.K. Interest rate and currency contracts: insurance and mutual trading companies
[F1 Application of insurance companies provisions relating to loan relationships]U.K.
Textual Amendments
F1Sch. 18 paras. 1, 1A and cross-heading substituted for Sch. 18 paras. 1 and 2 (29.4.1996 with effect as mentioned in s. 105(1) of the amending Act) by 1996 c. 8, s. 104, Sch. 14 para. 79 (with savings etc. in Pt. IV Ch. II (ss. 80-105))
F21(1)Part I of Schedule 11 to the Finance Act 1996 (special provision with respect to loan relationships for insurance companies) shall have effect (subject to sub-paragraph (2) below) in relation to qualifying contracts as it has effect in relation to loan relationships which are creditor relationships within the meaning of Chapter II of Part IV of that Act.
(2)That Part of that Schedule shall have effect in its application in relation to qualifying contracts, as if—
(a)references to section 82(2) of the Finance Act 1996 were references to section 159 of this Act, and
(b)references to credits and debits given by Chapter II of Part IV of that Act in respect of a loan relationship were references, respectively, to the profits and losses deriving from the contract.
Textual Amendments
F2Sch. 18 paras. 1, 1A and cross-heading substituted for Sch. 18 paras. 1 and 2 (29.4.1996 with effect as mentioned in s. 105(1) of the amending Act) by 1996 c. 8, s. 104, Sch. 14 para. 79 (with savings etc. in Pt. IV Ch. II (ss. 80-105))
Modifications etc. (not altering text)
C1Sch. 18 para. 1 modified (20.2.1997) by S.I. 1997/473, reg. 51
F31A(1)Where the I minus E basis is applied for any accounting period in respect of the life assurance business or capital redemption business of any insurance company, this Chapter shall have effect for that period in relation to contracts and options held for the purposes of that business as if the words in subsection (10) of section 150A from “but references” onwards were omitted.
(2)Expressions used in sub-paragraph (1) above and in Part I of Schedule 11 to the Finance Act 1996 have the same meanings in this paragraph as in that Part of that Schedule.
Textual Amendments
F3Sch. 18 paras. 1, 1A and cross-heading substituted for Sch. 18 paras. 1 and 2 (29.4.1996 with effect as mentioned in s. 105(1) of the amending Act) by 1996 c. 8, s. 104, Sch. 14 para. 79 (with savings etc. in Pt. IV Ch. II (ss. 80-105))
Modifications etc. (not altering text)
C2Sch. 18 para. 1A(1) modified (23.3.1999) by S.I. 1999/498, reg. 14
Life assurance business: Case I of Schedule DU.K.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Non-life mutual businessU.K.
3(1)Subject to sub-paragraph (2) below, sub-paragraph (3) below applies where a qualifying contract was at any time in an accounting period of a mutual trading company held by the company for the purposes of any non-life mutual business carried on by it.
(2)Where the qualifying contract was held partly for the purposes of the non-life mutual business and partly for other purposes—
(a)the profit or loss on the contract for the period shall be apportioned on a just and reasonable basis, and
(b)any reference in sub-paragraph (3) below to that profit or loss shall be construed as a reference to so much of it as is referable to the non-life mutual business.
(3)Notwithstanding anything in section 159 of this Act—
(a)no part of the profit or loss on the contract for the period shall be treated for the purposes of the Tax Acts as a profit or loss of a trade or part of a trade, and
(b)accordingly, the whole of that profit or loss shall be treated for the purposes of section 160 of this Act as a non-trading profit or loss.
InterpretationU.K.
4In this Schedule—
F4. . .
F5. . .
“non-life mutual business” means any mutual trading, or any mutual insurance or other mutual business, which (in either case) is not life assurance business.
F6. . .
Textual Amendments
F4Definition of “the I minus E basis” in Sch. 18 para. 4 repealed (coming into force in accordance with Pt. IV Ch. II (ss. 80-105) of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(3), Note
F5Definition of “life assurance business” in Sch. 18 para. 4 omitted (1.5.1995 with effect as mentioned in Sch. 8 para. 57(1) of the amending Act) by virtue of 1995 c. 4, s. 51, Sch. 8 Pt. I para. 10(4) (with Sch. 8 paras. 55(2), 57(1))
F6Words in Sch. 18 para. 4 repealed (the repeal coming into force in accordance with Pt. IV Ch. II (ss. 80-105) of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(3), Note
Options/Help
Print Options
PrintThe Whole Act
PrintThis Schedule only
You have chosen to open The Whole Act
The Whole Act 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 as a PDF
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
You have chosen to open the Whole Act
The Whole Act 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
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 Schedules only
The 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?
Legislation is available in different versions:
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.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
See additional information alongside the content
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Opening Options
Different options to open legislation in order to view more content on screen at once
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.