Finance Act 1995

14 (1) Subsection (1) of section 87 of that Act (taxable premiums), except where it is applied for the purposes of corporation tax, shall have effect as if for paragraphs (a) and (b) there were substituted the following paragraphs—

“(a) any amount falls to be treated as a receipt of a Schedule A business by virtue of section 34 or 35; or

(b) any amount would fall to be so treated but for the operation of section 37(2) or (3);”.

(2) After subsection (9) of that section there shall be inserted the following subsection—

“(10) This section shall not apply for the computation in accordance with section 21(3) of the amount of any profits or gains to be charged to tax under Schedule A.”