Finance Act 1998 (c. 36)

SCHEDULES

SCHEDULE 17 U.K. Controlled foreign companies

Application of Chapter where general insurance business of foreign company accounted for on non-annual basis. U.K.

15 U.K. After section 755B of the Taxes Act 1988 there shall be inserted—

“755C Application of Chapter where general insurance business of foreign company accounted for on non-annual basis.

(1) The Treasury may by regulations provide for the provisions of this Chapter to have effect with prescribed modifications in any case where a non-resident company—

(a) carries on general insurance business; and

(b) draws up accounts relating to that business using a method falling within subsection (2) of section 755B.

(2) Regulations under subsection (1) above may—

(a) make different provision for different cases;

(b) make provision having effect in relation to accounting periods of non-resident companies ending not more than one year before the date on which the regulations are made; and

(c) contain such supplementary, incidental, consequential and transitional provision as the Treasury may think fit.

(3) In this section—

• “general insurance business” has the same meaning as in section 755B;

• “non-resident company” means a company resident outside the United Kingdom;

• “prescribed” means prescribed in regulations under this section.”