SCHEDULES
SCHEDULE 10Insurance companies: miscellaneous
Obsolete etc provisions
16
1
Omit the following provisions (which are obsolete or of limited value).
2
In the Table in section 98 of TMA 1970, the words “or 441A(3)” in both columns.
3
In ICTA—
a
in section 76(7), in Step 3, the entries relating to section 587B(8)(b)(i) of ICTA and paragraph 23(2) of Schedule 13 to FA 2002,
b
section 440(2A) and (2B) (transfer of assets: loan relationships and derivative contracts),
c
section 442(4) (special rule for insurance companies ceasing to be resident in United Kingdom),
d
section 443 (life policies carrying rights not in money),
e
section 444 (life policies issued before 5th August 1965),
f
section 587B(8) (gifts to charities etc: modifications for insurance companies), and
g
in section 807A (disposals and acquisitions of company loan relationships with or without interest), subsections (4) and (5)(b) and, in subsection (6)(a), “or an insurance credit”.
4
In FA 1989—
a
section 84(2), (3), (5) and (6) (transitional provisions etc),
b
in section 85(3) (commencement of provisions for charge of certain BLAGAB receipts), “(including the 1990 component period)”,
c
in section 86 (spreading of relief for acquisition expenses), subsections (3) and (3A) and, in subsection (10), “(including the 1990 component period)”, and
d
section 87 (management expenses).
5
In FA 1996—
a
paragraph 1(1) and (2) of Schedule 11 (loan relationships: I minus E basis),
b
paragraph 4(6) of that Schedule (non-trading deficits: transitional provision),
c
paragraph 5 of that Schedule (elections for accrual basis), and
d
paragraph 1(3) of Schedule 15 (apportionment of loan relationship credits and debits: transitional provision).
6
Paragraph 18 of Schedule 12 to FA 1997 (leasing arrangements: meaning of “accounting purposes” for insurance companies).
7
Paragraph 86 of Schedule 18 to FA 1998 (non-annual actuarial investigations).
F18
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9
Section 87(3) and (4) of FA 2001 (tax credits etc).
F210
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