- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)This section applies if—
(a)as a result of section 562 the relevant company is required to bring into account for an accounting period a non-trading credit representing a profit from a related transaction, and
(b)the investment life insurance contract is—
(i)a BLAGAB contract, or
(ii)a contract which is subject to a relevant comparable EEA tax charge.
(2)For the meaning of “BLAGAB contract” and of a contract being subject to a relevant comparable EEA tax charge, see section 564.
(3)The non-trading credit is treated as increased by the relevant amount.
(4)The relevant amount is set off against corporation tax assessable on the company for the accounting period.
(5)Except where section 565 (relevant amount where the relevant company uses fair value accounting) applies, the relevant amount is—
where—
NTC is the non-trading credit, and
AR is the appropriate rate for the accounting period.
(6)The appropriate rate for an accounting period is—
(a)if a single rate of tax under section 88(1) of FA 1989 (lower corporation tax rate on certain insurance company profits) is applicable in relation to the accounting period, that rate, and
(b)if more than one such rate of tax is applicable in relation to the accounting period, the average of those rates over the accounting period.
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Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
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