SCHEDULES
SCHEDULE 17Insurance companies etc
Abolition of “inherited estates” apportionment rules
19
1
Chapter 1 of Part 12 of ICTA (insurance companies) is amended as follows.
2
In section 431(2ZB) and (2ZC) (interpretative provisions), insert “or” at the end of paragraph (b) and omit paragraph (d) and the “or” before it.
3
In section 432A (apportionment of income and gains), omit—
a
in subsection (6), paragraph (b) of the definition of A (but not the “and” following it),
b
in subsection (8), paragraph (b) and the “and” before it, and
c
subsections (8A) and (8B).
4
In section 432B (apportionment of receipts brought into account), omit subsections (4) to (12).
5
The amendments made by this paragraph have effect in relation to periods of account beginning on or after 1 January 2007.