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9.—(1) Modify section 432B(1) (apportionment of receipts brought into account) as follows.
(2) In subsection (3) after “business” insert in (both places) “of the permanent establishment in the United Kingdom through which the company carries on life assurance business”.
(3) In subsection (8G)—
(a)for “any company” substitute “any overseas life insurance company where the company is an EEA firm or a Treaty firm”,
(b)for “in line 13 of Form 40 in the periodical return of the company” substitute (in both places) “in the profit and loss account included in the IAD accounts”, and
(c)at the end insert—
““assets” shall be treated as references to such of the assets concerned as fall to be attributed, for the purposes of section 11AA(2) of the Taxes Act 1988, to that permanent establishment.”.
Section 432B was inserted by paragraph 4 of Schedule 6 to the Finance Act 1990 and has been relevantly amended by paragraphs 17(1) and 53 of Schedule 8 to the Finance Act 1995 and article 13 of S.I. 2001/3629.
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