Search Legislation

The Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) Regulations 1999

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Opening Options

 Help about opening options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Life assurance companies

22.  (1)  The policy holders' share of the franked investment income from investments held in connection with a company’s life assurance business–

(a)shall not be used (for the purposes of computing the amount of shadow ACT which the company is treated as having paid for an accounting period under regulation 11(10)) to frank relevant distributions made by the company in that period;

(b)shall be disregarded in determining whether the company has a surplus of franked investment income as mentioned in regulation 11(13), or the amount of the surplus.

(2) For the purposes of regulations 12 to 14, the profits charged to corporation tax for any accounting period of a company carrying on life assurance business shall be reduced by deducting the policy holders' share of the relevant profits.

(3) In this regulation–

  • “life assurance business” shall be construed in accordance with section 431(2);

  • “policy holders' share of the franked investment income” shall be construed in accordance with section 434(6A)(a)(1);

  • “policy holders' share of the relevant profits” shall be construed in accordance with section 89 of the Finance Act 1989(2).

(1)

Subsection (6A) of section 434 was inserted by section 45(7) of the Finance Act 1990 (c. 29).

(2)

Section 89 was substituted by section 45(3) of the Finance Act 1990, and the substituted section was amended by paragraph 9 of Schedule 16 to the Finance Act 1994, paragraph 26(3) of Schedule 6 to the Finance Act 1996, and paragraph 14 of Schedule 3, paragraph 19 of Schedule 6 and Part II(6) and (11) of Schedule 8 to the Finance (No. 2) Act 1997.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enactedversion that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources