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Finance Act 1996
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12(1)In subsection (2) of section 242 of that Act (set off of losses against surplus franked investment income), for paragraph (f) there shall be substituted—
“(f)the setting of amounts against profits in pursuance of a claim under section 83 of the Finance Act 1996 (non-trading deficits on loan relationships) or paragraph 4 of Schedule 11 to that Act (deficits of insurance companies).”
(2)In subsection (8) of that section, for paragraph (e) there shall be substituted the following paragraph—
“(e)if and so far as the purpose for which the claim is made is the setting of an amount against profits in pursuance of a claim under—
(i)section 83 of the Finance Act 1996 (non-trading deficits on loan relationships), or
(ii)paragraph 4 of Schedule 11 to that Act (deficits of insurance companies),
the time limit that by virtue of subsection (6) of that section or sub-paragraph (15) of that paragraph would be applicable to such a claim.”
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