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Finance Act 2011
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- 2011 c. 11
- Part 2
- Miscellaneous
- Section 56
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- s. 56 omitted by 2012 c. 14 Sch. 16 para. 247(y)
56Insurance companies: apportionment of amounts brought into accountE+W+S+N.I.
(1)In section 432C of ICTA (section 432B apportionment: non-participating funds), in subsection (9), for the words from “D is” to the end substitute— “D is the sum of—
(a)the mean of the opening and closing liabilities of the relevant business so far as referable to basic life assurance and general annuity business (but taking that mean to be nil if it would otherwise be below nil), reduced (but not below nil) by the mean of the opening and closing net values of any assets linked to that category of business, and
(b)the mean of the opening and closing liabilities of the relevant business so far as referable to PHI business (but taking that mean to be nil if it would otherwise be below nil), reduced (but not below nil) by the mean of the opening and closing net values of any assets linked to that category of business.”
(2)The amendment made by this section has effect in relation to periods of account beginning on or after 1 January 2011.
(3)For the purposes of section 432CA of ICTA, where the current period of account begins on or after 1 January 2011, the reference in subsection (4) to section 432C is a reference to that section as amended by this section even if the applicable appropriate period of account began before that date.
(4)In subsection (3), “current period of account”, “appropriate period of account” and “applicable” have the meaning given by section 432CA of ICTA.
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