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8.—(1) Modify section 432A(1) (apportionment of income and gains) as follows.
(2) In subsection (8A) after “non-participating funds” insert “that are referable to the permanent establishment in the United Kingdom through which the company carries on life assurance business”.
(3) After subsection (9A) insert—
“(9AA) In this section—
“assets” means those assets that fall to be attributed, for the purposes of section 11AA(2), to the permanent establishment in the United Kingdom through which the company carries on life assurance business;
“liabilities” means those liabilities that fall to be attributed, for the purposes of section 11AA(2), to the permanent establishment in the United Kingdom through which the company carries on life assurance business.”.
Section 432A was inserted by paragraph 4 of Schedule 6 to the Finance Act 1990 and has been relevantly amended by paragraphs 13(2) and (3) and 57 of Schedule 8 to the Finance Act 1995, articles 13 and 52(1)(c) of S.I. 2001/3629 and articles 2 and 5 of S.I. 2005/3465.
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