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SCHEDULES

SCHEDULE 16Part 2: minor and consequential amendments

PART 3Amendments of other Acts

Corporation Tax Act 2009

138For section 24 substitute—

24Application to insurance companies

(1)This section makes provision in a case where the non-UK resident company mentioned in subsection (1) of section 21 is an insurance company.

(2)In accordance with the principle in that subsection, the permanent establishment is treated as holding—

(a)the same or a similar quantity of assets, and

(b)assets of the same or similar description,

as would have been held by a distinct and separate enterprise acting as mentioned in paragraphs (a) and (b) of that subsection.

(3)The assets which the permanent establishment is treated as holding in accordance with the principle in that subsection may include a proportion of assets held by the company.

(4)Nothing in subsection (2) or (3) is to be read as preventing the application of similar principles to those provided for by that subsection in a case where the non-UK resident company mentioned in section 21(1) is not an insurance company.

(5)The Commissioners for Her Majesty’s Revenue and Customs may by regulations make other provision about the application of section 21(1) in a case where the non-UK resident company mentioned there is an insurance company.

(6)The regulations may, in particular, make provision in place of section 21(2)(b) as to the basis on which, in the case of an insurance company, capital is to be attributed to a permanent establishment in the United Kingdom.