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Finance Act 1989

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This is the original version (as it was originally enacted).

3(1)In section 434 (franked investment income etc.), for subsection (3) there shall be substituted the following subsections—

(3)Subject to sections 437 and 438, the policy holders' fraction of the franked investment income from investments held in connection with a company’s life assurance business shall not be used under Chapter V of Part VI to frank distributions made by the company and, accordingly, for the purposes of that Chapter (other than the application of franked investment income under section 241), in relation to any unrelieved income of a company falling within subsection (1) above, the surplus of franked investment income for any accounting period means the aggregate of—

(a)the policy holders' fraction of that franked investment income; and

(b)the amount determined under section 241(3) on the basis that the reference therein to franked investment income is a reference only to the shareholders' fraction of that income.

(3A)The policy holders' fraction of the franked investment income from investments held in connection with a company’s life assurance business shall be left out of account in determining, under subsection (7) of section 13, the franked investment income forming part of the company’s profits for the purposes of that section.

(2)Subsections (4) and (5) of that section shall be omitted.

(3)In subsection (6) of that section for the words from “such fraction” onwards there shall be substituted “the policy holders' fraction thereof”.

(4)In subsection (7) of that section for “(4)” there shall be substituted “(3)” and after the words “against which” there shall be inserted “disregarding relief under section 242”.

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