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Finance Act 2002

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This is the original version (as it was originally enacted).

Life assurance business

40(1)In Schedule 11 (loan relationships: special provisions for insurers) Part 1 (insurance companies) is amended as follows.

(2)In paragraph 1 (I minus E basis) after sub-paragraph (1) (which provides that nothing in the Chapter prevents profits and gains from loan relationships of insurance companies referable to life assurance business from being included in profits and gains chargeable in accordance with the I minus E basis) insert—

(1A)Where—

(a)the I minus E basis is applied for any accounting period in respect of any life assurance business carried on by an insurance company, and

(b)in that accounting period the insurance company is a party to a loan relationship which is to any extent referable to that business,

then, in applying the I minus E basis to that business, sections 92(1)(f), 93(1)(a) and (b) and 96(1)(b) of this Act shall be disregarded in relation to that loan relationship to that extent..

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