SCHEDULES
SCHEDULE 7Insurance business: gross roll-up business etc
Part 1Amendments
Income and Corporation Taxes Act 1988 (c. 1)
2
ICTA is amended as follows.
F123
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4
Omit section 333B (involvement of insurance companies with plans and accounts).
5
In section 403E (relief for overseas losses of UK resident companies), omit subsection (3).
F136
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7
In section 431A(3)(a) (power to amend), omit “and Schedule 19AA”.
F88
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F89
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F810
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F811
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F812
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F813
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F814
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15
In section 432AB (losses from Schedule A business or overseas property business), omit subsection (6).
F1416
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F1517
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18
Omit section 432D (section 432B apportionment: value of non-participating funds).
F1619
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20
In section 432F(2) (section 432B apportionment: supplementary provisions)—
a
omit “For each category of business in relation to which section 432E falls to be applied”, and
b
omit “, after making any reduction required by section 432E(5),”.
F921
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F922
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F923
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24
Omit section 436 (pension business: separate charge on profits).
F1725
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F1826
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27
Omit section 438B (income or gains arising from property investment LLP).
28
Omit section 438C (determination of policy holders' share for purposes of s.438B).
29
Omit section 439 (restricted government securities).
30
Omit section 439B (life reinsurance business: separate charge on profits).
F1031
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F1032
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F1033
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34
Omit section 441 (overseas life assurance business).
F1135
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F1136
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F1137
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F1138
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39
Omit sections 458 and 458A (capital redemption business).
F1940
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41
In section 461 (registered friendly societies: other business), omit subsection (3A).
42
In section 461B (incorporated friendly societies), omit subsection (2A).
F2043
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F144
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F245
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F346
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47
1
Section 755A (treatment of chargeable profits and creditable tax apportioned to company carrying on life assurance business) is amended as follows.
2
In subsection (4), for the words after “referable to” substitute “
gross roll-up business carried on by the UK company.
”
3
In subsection (6)(c), for “a category of business specified in paragraphs (a) to (c) of subsection (4) above” substitute “
gross roll-up business
”
.
4
In subsection (13), for paragraphs (a) to (d) substitute—
a
basic life assurance and general annuity business, or
ba
gross roll-up business,
F648
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F649
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F650
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F651
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F652
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F653
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F754
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55
Omit Schedule 19AA (overseas life assurance fund).
F4F556
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