SCHEDULES
SCHEDULE 17Insurance companies etc
Remediation of contaminated land
23
1
Schedule 22 to FA 2001 (remediation of contaminated land) is amended as follows.
2
In paragraph 14 (entitlement to land remediation tax credit)—
a
in sub-paragraph (7), omit “or (13)”, “and charges on income” and “and charges”,
b
in sub-paragraph (8), omit “or (13)”, and
c
in sub-paragraph (9)—
i
for “Step 6” substitute “
Step 7
”
, and
ii
omit “or (13)”, in the first place.
3
In paragraph 17 (restriction on losses carried forward), omit—
a
in sub-paragraph (3)(b), “or (13)”, “and charges on income” and “and charges”, and
b
in sub-paragraph (4), “or (13)”.
4
In paragraph 21 (provision in respect of I minus E basis), for the words after “where” substitute “
an insurance company is charged to tax under the I minus E basis in respect of its life assurance business for any accounting period.
”
5
In paragraph 22(2)
(entitlement to relief: I minus E basis), for “is entitled to relief for that accounting period in respect of its qualifying expenditure” substitute “
may treat the amount of its qualifying expenditure as expenses payable which fall to be brought into account for that accounting period at Step 1 in section 76(7) of the Taxes Act 1988
”
.
6
In paragraph 24 (entitlement to life assurance company tax credit), omit—
a
in sub-paragraph (3), “or (13)”, in the first place, and
b
in sub-paragraph (2)(b), “or (13)”, “and charges on income” and “and charges”.
7
In paragraph 27(1) (restriction on carrying forward expenses payable)—
a
in paragraph (a), omit “or (13)”, and
b
in paragraph (b), omit “for the next accounting period”.
8
The amendments made by this paragraph have effect in relation to accounting periods beginning on or after 1 January 2008.