- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
4(1)Paragraphs 2 and 3 have effect subject to the provisions of this paragraph.
(2)Nothing in paragraph 2 or 3 shall prevent any amount from being brought into account in accordance with section 83 of the [1989 c. 26.] Finance Act 1989 (receipts to be brought into account in Case I computation of profits in respect of life assurance).
(3)Where a reverse premium is received by an insurance company carrying on life assurance business in respect of which it is chargeable to tax otherwise than in accordance with the rules applicable to Case I of Schedule D, there shall be deducted from the amount treated as the company’s expenses of management for the accounting period in which the reverse premium is received such part of the reverse premium as is attributable—
(a)to its life assurance business, and
(b)to its basic life assurance and general annuity business.
(4)In this paragraph “insurance company”, “life assurance business” and “basic life assurance and general annuity business” have the same meaning as in Chapter I of Part XII of the Taxes Act 1988.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: