SCHEDULES
SCHEDULE 23Insurance companies
Apportionment: foreign business assets
5
1
Section 432E of ICTA (section 432B apportionment: participating funds) is amended as follows.
2
In subsection (3)(a), omit “and foreign business assets”.
3
In subsection (4), in the definition of “A”, omit “and foreign business assets”.
4
In subsection (4A), omit “or foreign business assets”.
6
In consequence of the amendments made by paragraph 5, omit—
a
paragraph 19(4)(a) and (6) of Schedule 7 to FA 2007, and
b
paragraph 10(3)(c) of Schedule 17 to FA 2008.
7
1
The amendments made by paragraphs 5 and 6 have effect in relation to periods of account beginning on or after 1 January 2009 and ending on or after 22 April 2009.
2
But an insurance company may, in its company tax return for—
a
an accounting period beginning on or after 1 January 2008 but before 1 January 2009, or
b
an accounting period beginning on or after 1 January 2009 and ending before 22 April 2009,
elect that the amendments made by paragraphs 5 and 6 have effect in relation to that accounting period.