- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/01/1992)
- Gwreiddiol (Fel y'i Deddfwyd)
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Income and Corporation Taxes Act 1988, Section 432C is up to date with all changes known to be in force on or before 12 June 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)To the extent that the amount brought into account as income is attributable to assets linked solely to life assurance business, pension business or [F2basic life assurance and general annuity business], it shall be referable to the category of business concerned.
(2)To the extent that that amount is attributable to assets of the overseas life assurance fund, it shall be referable to overseas life assurance business.
(3)There shall be referable to any category of business (apart from overseas life assurance business) the relevant fraction of so much of the amount brought into account as income as is not directly referable to any of the appropriate categories of business.
(4)For the purposes of subsection (3) above “the relevant fraction”, in relation to a category of business, is the fraction of which—
(a)the numerator is the mean of the opening and closing liabilities of the relevant business so far as referable to the category, reduced by the mean of the opening and closing values of any assets of the relevant business directly referable to the category; and
(b)the denominator is the mean of the opening and closing liabilities of the relevant business, reduced by the mean of the opening and closing values of any assets of the relevant business directly referable to any of the appropriate categories of business.
(5)For the purposes of subsections (3) and (4) above—
(a)references to appropriate categories of business—
(i)where the category of business in question is life assurance business, are references to that category of business and long term business other than life assurance business; and
(ii)where the category of business in question is pension business, [F3or basic life assurance and general annuity business], are references to [F4those categories of business]; and
(b)the part of the amount brought into account as income which is directly referable to a category of business is the part referable to the category by virtue of subsection (1) above and assets are directly referable to a category of business if such part of the amount brought into account as income as is attributable to them is so referable.
(6)Where the category of business in question is a class of life assurance business, for the purposes of this section “liabilities” does not include liabilities of the overseas life assurance business. ]
Textual Amendments
F11990 s.41 and Sch.6 para.4 on and after 1 January 1990 subject to the commencement provisions of paras.11 and 12.
F2Words in s. 432C(1) substituted (for accounting periods beginning on or after 1.1.1992) by Finance Act 1991 (c. 31, SIF 63:1), s. 48, Sch. 7 paras. 3(4), 18
F3Words in s. 432C(5)(a)(ii) substituted (for accounting periods beginning on or after 1.1.1992) by Finance Act 1991 (c. 31, SIF 63:1), s. 48, Sch. 7 paras. 3(5)(a), 18
F4Words in s. 432C(5)(a)(ii) substituted (for accounting periods beginning on or after 1.1.1992) by Finance Act 1991 (c. 31, SIF 63:1), s. 48, Sch. 7 paras. 3(5)(b), 18
Modifications etc. (not altering text)
C1Ss. 432B-432E excluded (31.7.1992 with effect as mentioned in reg. 1 of the amending S.I.) by S.I. 1992/1655, regs. 110
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