19F1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
F1(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)Where—
(a)under paragraph 5 or 13 above the company is treated for tax purposes as if in a period of account it had been entitled to, and there had arisen to it, any rent from the lease, and
(b)the leased asset is an asset of the company’s [F2long-term insurance] fund or is linked to any category of insurance business, and
(c)any question arises for the purposes of the Corporation Tax Acts as to the extent to which that rent is referable to any category of the company’s [F3long-term] business,
section 432A of the Taxes Act 1988 (apportionment of insurance companies’ income) shall have effect in relation to the rent as it has effect in relation to the income arising from an asset.
[F4(5)In this paragraph “life assurance business” has the same meaning as in Chapter I of Part XII of the Taxes Act 1988.]
Textual Amendments
F1Sch. 12 para. 19(1)-(3) repealed (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 4(4)(c), Sch. 27 Pt. 2(10)
F2Words in Sch. 12 para. 19(2)(3)(4)(b) substituted (1.12.2001 with effect as mentioned in art. 102(4) of the amending S.I.) by S.I. 2001/3629, art. 102(3)(a)
F3Words in Sch. 12 para. 19(4)(c) substituted (1.12.2001 with effect as mentioned in art. 102(4) of the amending S.I.) by S.I. 2001/3629, art. 102(3)(b)
F4Sch. 12 para. 19(5) added (23.3.1999) by S.I. 1999/498, reg. 16(2)