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Finance Act 2012

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This is the original version (as it was originally enacted).

PART 1Amendments of ICTA

1ICTA is amended as follows.

2Omit section 76 (expenses of insurance companies).

3Omit section 76ZA (payments for restrictive undertakings).

4Omit section 76ZB (seconded employees).

5Omit sections 76ZC to 76ZE (counselling and retraining expenses).

6Omit sections 76ZF to 76ZJ (redundancy payments etc).

7Omit section 76ZK (contributions to local enterprise organisations or urban regeneration companies).

8Omit sections 76ZL and 76ZM (unpaid remuneration).

9Omit section 76ZN (car hire).

10In section 95ZA(3) (taxation of UK distributions received by insurance companies), for “life assurance business” substitute “business in relation to which section 111 of the Finance Act 2012 applies”.

11Omit section 431 (interpretative provisions relating to insurance companies).

12Omit section 431ZA (election for assets not be foreign business assets).

13Omit section 431A (amendment of Chapter etc).

14Omit section 431B (meaning of “pension business”).

15Omit section 431BA (meaning of “child trust fund business”).

16Omit section 431BB (meaning of “individual savings account business”).

17Omit section 431C (meaning of “life reinsurance business”).

18Omit sections 431D and 431E (meaning of “overseas life assurance business” etc).

19Omit section 431EA (meaning of “gross roll-up business”).

20Omit section 431F (meaning of “basic life assurance and general annuity business”).

21Omit section 431G (company carrying on life assurance business).

22Omit section 431H (company carrying on life assurance business and other insurance business).

23Omit section 432YA (PHI business — adjustment consequent of change in Insurance Prudential Sourcebook).

24Omit section 432ZA (linked assets).

25Omit section 432A (apportionment of income and gains).

26Omit section 432AA (property businesses).

27Omit section 432AB (losses from property businesses).

28Omit sections 432B to 432G (apportionment of receipts brought into account).

29Omit section 434 (franked investment income etc).

30Omit section 434A (computation of losses and limitation on relief).

31Omit sections 434AZA to 434AZC (reduced loss relief for additions to non-profit funds).

32Omit section 436A (gross roll-up business: separate charge on profits).

33Omit section 436B (gains referable to gross-roll up business not to be chargeable gains).

34Omit sections 437 and 437A (general annuity business).

35Omit section 438 (pension business: exemption from tax).

36Omit section 440 (transfers of assets etc).

37Omit section 440A (securities).

38Omit section 440B (modifications where tax charged under s.35 of CTA 2009).

39Omit section 440C (modifications for change of tax basis).

40Omit section 440D (modifications in relation to BLAGAB group reinsurers).

41Omit section 442 (overseas business of UK companies).

42Omit section 442A (taxation of investment return where risk reinsured).

43Omit sections 444A to 444AED (transfers of business).

44Omit sections 444AF to 444AL (surpluses of mutual and former mutual businesses).

45In Schedule 15 (qualifying policies), in paragraph 24(3)(a), for “section 431(2)” substitute “section 56 of the Finance Act 2012”.

46Omit Schedule 19ABA (modifications in relation to BLAGAB group reinsurers).

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