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Income and Corporation Taxes Act 1988

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Income and Corporation Taxes Act 1988, Cross Heading: Separation of different categories of business is up to date with all changes known to be in force on or before 31 October 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. Help about Changes to Legislation

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[F1Separation of different categories of business]U.K.

Textual Amendments

F1Cross-heading before s. 432 inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 51(2) (with Sch. 8 para. 55(2))

Valid from 19/07/2007

[F2431GCompany carrying on life assurance businessU.K.

(1)This section applies in relation to an insurance company which carries on life assurance business (whether or not it also carries on insurance business of any other kind).

(2)Subject as follows, the profits of the life assurance business for any accounting period shall be charged to tax under the I minus E basis.

(3)Where in the case of an insurance company for an accounting period either—

(a)all of its life assurance business is reinsurance business and none of that business is of a type excluded from this subsection by regulations made by the Board, or

(b)all, or substantially all, of its life assurance business is gross roll-up business,

the profits of that business for the accounting period shall be charged to tax in accordance with Case I of Schedule D and not otherwise.

(4)Where—

(a)the profits of the life assurance business of an insurance company for any accounting period are charged to tax under the I minus E basis, and

(b)had those profits been charged to tax in accordance with Case I of Schedule D, a loss would have arisen to the company from that business for the period,

the loss (after being reduced in accordance with section 434A(2)(a)) may be set-off under section 393A or section 403(1).

(5)The application, in relation to the life assurance business of an insurance company, of any provision of Case I of Schedule D is not to be taken—

(a)to prevent the application of the I minus E basis in relation to that business of the company for any accounting period, or

(b)to affect the operation of the I minus E basis in relation to the that business of the company for any accounting period except as specifically provided by the Corporation Tax Acts.]

Textual Amendments

F2Ss. 431G, 431H and preceding cross-heading substituted for s. 432 and preceding cross-heading (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 4 (with Sch. 8 Pt. 2)

Modifications etc. (not altering text)

Valid from 19/07/2007

[F3431HCompany carrying on life assurance business and other insurance businessU.K.

(1)This section applies in relation to an insurance company which carries on life assurance business and insurance business of any other kind.

(2)For the purposes of the Corporation Tax Acts—

(a)the life assurance business, and

(b)the other insurance business,

are to be treated as separate businesses.

(3)The profits of the other insurance business shall be charged to tax under Case I of Schedule D as the profits of a separate trade.

(4)But subsection (3) above does not apply where that business is mutual business.

(5)As to the profits of the life assurance business, see section 431G.]

Textual Amendments

F3Ss. 431G, 431H and preceding cross-heading substituted for s. 432 and preceding cross-heading (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 4 (with Sch. 8 Pt. 2)

Modifications etc. (not altering text)

432 Separation of different [F4categories] of business.U.K.

(1)M1Where an insurance company carries on life assurance business in conjunction with insurance business of any other [F5category], the life assurance business shall, for the purposes of the Corporation Tax Acts, be treated as a separate business from any other [F5category] of business carried on by the company.

(2)F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F4S. 432: word in sidenote substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 51(3) (with Sch. 8 para. 55(2))

F5Words in s. 432 substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 12(3) (with Sch. 8 para. 55(2))

F6S. 432(2) repealed (with effect in accordance with s. 167(10), Sch. 41 Pt. 5(26) Note of the repealing Act) by Finance Act 1996 (c. 8), s. 167(1), Sch. 41 Pt. 5(26)

Modifications etc. (not altering text)

C6S. 432 modified (20.3.1997 with effect in accordance with reg. 8(1) of the modifying S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473), regs. 1(1), 8(2)

C7S. 432 modified (12.8.2005 with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), regs. 1(1), 8 (and that modifying reg. 8 is omitted by virtue of S.I. 2007/2134, regs. 1(1)(2), 8)

Marginal Citations

M1Source—1970 s.307

Valid from 08/01/2007

[F7432YALong-term business other than life assurance business — adjustment consequent on change in Insurance Prudential SourcebookU.K.

(1)This section applies in the case of—

(a)a company which is a non-profit company, or

(b)the non-profit fund of a company which is not a non-profit company,

if an amount (other than nil) is shown in paragraph 4(12) of Appendix 9.4 to the periodical return for the company for the first period of account which ends on or after 31st December 2006.

(2)In computing profits of long-term business which is not life assurance business in accordance with the provisions applicable to Case I of Schedule D an amount (“the relevant amount”) shall be added—

(a)to the closing long term business provision of the company for the first period of account which ends on or after 31st December 2006, and

(b)to the opening long term business provision of the company for the next period of account.

(3)The relevant amount is, subject to subsection (4), the amount by which B exceeds A. Here—

  • A is the company's long term business provision in respect of business which is not life assurance business for the first period of account which ends on or after 31st December 2006, calculated after taking into account the company's ability to—

    (a)

    make provision for non-attributable expenses by reference to a homogeneous risk group instead of by reference to individual policies or contracts;

    (b)

    make provision for the voluntary discontinuance of policies or contracts using a prudent lapse rate assumption; and

    (c)

    set negative liabilities against positive liabilities (subject to overall liabilities not being less than nil);

    in accordance with the Insurance Prudential Sourcebook; and

  • B is the company's long term business provision for that period of account in respect of business which is not life assurance business, calculated without taking into account the matters referred to in paragraphs (a) to (c) of the definition of A.

(4)In a case falling within subsection (1)(b)—

(a)the relevant amount shall be reduced (but not below nil) by so much (if any) of the amount shown in paragraph 4(12) of Appendix 9.4 to the periodical return as is reflected in column 1 of line 51 of the Form 14 for that period of account relating to the non-profit fund in question; and

(b)the references in subsection (3) to long term business provision and to liabilities are respectively to long term business provision and to liabilities relating to the non-profit fund in question.

(5)In this section—

  • long term business provision” has the same meaning as in Schedule 9A to the Companies Act 1985;

  • non-profit company” has the meaning given in section 83YA(8) of the Finance Act 1989; and

  • non-profit fund” has the same meaning as in the Insurance Prudential Sourcebook.]

Textual Amendments

F7S. 432YA inserted (8.1.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) (Amendment No. 2) Order 2006 (S.I. 2006/3387), arts. 1(1), 2

[F8432ZA Linked assets.U.K.

(1)In this Chapter “linked assets” means assets of an insurance company which are identified in its records as assets by reference to the value of which benefits provided for under a policy or contract are to be determined.

(2)Linked assets shall be taken—

(a)to be linked to [F9long-term] business of a particular category if the policies or contracts providing for the benefits concerned are policies or contracts the effecting of which constitutes the carrying on of business of that category; and

(b)to be linked solely to [F9long-term] business of a particular category if all (or all but an insignificant proportion) of the policies or contracts providing for the benefits concerned are policies or contracts the effecting of which constitutes the carrying on of business of that category.

(3)Where an asset is linked to more than one category of [F9long-term] business, a part of the asset shall be taken to be linked to each category; and references in this Chapter to assets linked (but not solely linked) to any category of business shall be construed accordingly.

(4)Where subsection (3) above applies, the part of the asset linked to any category of business shall be a proportion determined as follows—

(a)where in the records of the company values are shown for the asset in funds referable to particular categories of business, the proportion shall be determined by reference to those values;

(b)in any other case the proportion shall be equal to [F10the proportion A/B where—

A is the total of the linked liabilities of the company which are liabilities of the internal linked fund in which the asset is held and are referable to that category of business;

B is the total of the linked liabilities of the company which are liabilities of that fund.]

(5)For the purposes of sections 432A to 432F—

(a)income arising in any period from assets linked but not solely linked to a category of business,

(b)gains arising in any period from the disposal of such assets, and

(c)increases and decreases in the value of such assets,

shall be treated as arising to that category of business in the proportion which is the mean of the proportions determined under subsection (4) above at the beginning and end of the period.

[F11(6)In this section—

  • internal linked fund”, in relation to an insurance company, means an account—

    (a)

    to which linked assets are appropriated by the company; and

    (b)

    which may be divided into units the value of which is determined by the company by reference to the value of those assets;

  • linked liabilities” means liabilities in respect of benefits to be determined by reference to the value of linked assets.]

(7)In the case of a policy or contract the effecting of which constitutes a class of life assurance business the fact that it also constitutes [F9long-term] business other than life assurance business shall be disregarded for the purposes of this section unless the benefits to be provided which constitute [F9long-term] business other than life assurance business are to be determined by reference to the value of assets.]

Textual Amendments

F8S. 432ZA inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 11(2) (with Sch. 8 para. 55(2))

F9Words in s. 432ZA(2)(a)(b)(3)(7) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 52(2)(b)

F10Words in s. 432ZA(4)(b) substituted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(1)

F11S. 432ZA(6) substituted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(2)

[F12432A Apportionment of income and gains.U.K.

[F13(1)This section has effect where in any period an insurance company carries on more than one category of business and it is necessary for the purposes of the Corporation Tax Acts to determine in relation to the period what parts of—

(a)income arising from the assets of the company’s [F14long-term insurance fund], or

(b)gains or losses accruing on the disposal of such assets,

are referable to any category of business.

(2)The categories of business referred to in subsection (1) above are—

(a)pension business;

(b)life reinsurance business;

(c)overseas life assurance business;

[F15(d)basic life assurance and general annuity business; and]

(f)[F16long-term] business other than life assurance business.

(3)Income arising from, and gains or losses accruing on the disposal of, assets linked to any category of business (apart from overseas life assurance business) shall be referable to that category of business.]

(4)Income arising from, and gains or losses accruing on the disposal of, assets of the overseas life assurance fund (and no other assets) shall be referable to overseas life assurance business.

(5)There shall be referable to any category of business (apart from overseas life assurance business) the relevant fraction of any income, gains or losses not directly referable to [F17any category] of business.

(6)For the purposes of subsection (5) above “the relevant fraction”, in relation to a category of business, is the fraction of which—

(a)the numerator is the aggregate of—

(i)the mean of the opening and closing liabilities of the category, reduced [F18(but not below nil)] by the mean of the opening and closing [F19net values] of any assets directly referable to the category, and

(ii)the mean of the appropriate parts of the opening and closing amounts of the investment reserve; and

[F20(b)the denominator is the aggregate of—

(i)the numerator given by paragraph (a) above; and

(ii)the numerators given by that paragraph in relation to the other categories of business.]

[F21(7)For the purposes of subsections (5) and (6) above—

(a)income, gains or losses are directly referable to a category of business if referable to that category by virtue of subsection (3) or (4) above, and

(b)assets are directly referable to a category of business if income arising from the assets is, and gains or losses accruing on the disposal of the assets are, so referable by virtue of subsection (3) above.]

[F22(8)In subsection (6) above “appropriate part”, in relation to the investment reserve, means—

(a)where none (or none but an insignificant proportion) of the liabilities of the [F16long-term] business are with-profits liabilities, the part of that reserve which bears to the whole the proportion A/B where—

A is the amount of the liabilities of the category of business in question;

B is the whole amount of the liabilities of the [F16long-term] business; and

(b)in any other case, the part of that reserve which bears to the whole the proportion C/D where—

C is the amount of the with-profits liabilities of the category of business in question;

D is the whole amount of the with-profits liabilities of the [F16long-term] business.]

[F23(9)Where a company carries on overseas life assurance business—

(a)references in this section to liabilities do not include liabilities of that business, and

(b)the appropriate part of the investment reserve as defined by paragraph 4(2)(a) of Schedule 19AA shall be left out of account in determining that reserve for the purposes of this section.]

[F24(9A)In this section and sections 432C and 432D “net value”, in relation to any assets, means the excess of the value of the assets over [F25the value of money debts (within the meaning of Chapter 2 of Part 4 of the Finance Act 1996) attributable to an internal linked fund which are not owed in respect of long-term liabilities.]

(9B)F26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

F27(10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F13S. 432A(1)-(3) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 13(2)

F14Words in s. 432A(1)(a)(9B) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 52(1)(c)

F15S. 432A(2)(d) substituted for s. 432A(2)(d)(e) (with effect in accordance with s. 167(10) of the amending Act) by Finance Act 1996 (c. 8), s. 167(2)

F16Words in s. 432A(2)(f)(8)(a)(b)(9B) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 52(2)(c)

F17Words in s. 432A(5)(6)(b)(i) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 13(3) (with Sch. 8 para. 55(2))

F18Words in s. 432A(6)(a) inserted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(3)(a)(4)(a)

F19Words in s. 432A(6)(a) substituted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(3)(a)(4)(a)

F20S. 432A(6)(b) substituted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(3)(b)(4)(a)

F21S. 432A(7) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 13(4) (with Sch. 8 para. 55(2))

F22S. 432A(8) substituted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(5)

F23S. 432A(9) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 13(5) (with Sch. 8 para. 55(2))

F24S. 432A(9A)(9B) inserted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(6)

F25Words in s. 432A(9A) substituted (with effect in accordance with Sch. 33 para. 28 of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 26

F26S. 432A(9B) repealed (with effect in accordance with Sch. 43 Pt. 3(12), Note 1 of the repealing Act) by Finance Act 2003 (c. 14), Sch. 43 Pt. 3(12)

F27S. 432A(10) repealed (27.7.1993 with effect in relation to accounting periods beginning on or after 1.1.1993) by 1993 c. 34, ss. 91(2)(a), 213, Sch. 23 Pt.III (8), Note

Modifications etc. (not altering text)

C8S. 432A modified (3.5.1994) by Finance Act 1994, (c. 9), s. 169, Sch. 18 para 1(4)

C10S. 432A applied (with effect in accordance with s. 105(1) of the affecting Act) by Finance Act 1996 (c. 8), Sch. 11 para. 3 (with Sch. 15)

C13S. 432A modified by Finance Act 1996 (c. 8), Sch. 11 para. 3A(5) (as inserted (with effect in accordance with s. 109(10) of the 2000 amending Act) by Finance Act 2000 (c. 17), s. 109(8))

C14S. 432A applied (with effect in accordance with Sch. 29 Pt. 14 of the affecting Act) by Finance Act 2002 (c. 23), Sch. 29 para. 138(2)(3)

C15S. 432A(2) modified (with effect in accordance with reg. 1(2) of the modifying S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473), regs. 1(1), 10-12

[F28432AA Schedule A business or overseas property business.U.K.

(1)An insurance company is treated as carrying on separate Schedule A businesses, or overseas property businesses, in accordance with the following rules.

(2)The exploitation of land held as an asset of the company’s [F29long-term insurance fund] is treated as a separate business from the exploitation of land not so held.

(3)The exploitation of land held as an asset of the company’s overseas life assurance fund is treated as a separate business from the exploitation of other land held as an asset of its [F29long-term insurance fund].

(4)The exploitation of land held as an asset linked to any of the following categories of business is regarded as a separate business—

(a)pension business;

(b)life reinsurance business;

(c)basic life assurance and general annuity business;

(d)[F30long-term] business other than life assurance business.

(5)Accordingly, the exploitation of land held as an asset of the company’s [F29long-term insurance fund] otherwise than as mentioned in subsection (3) or (4) is treated as a separate business from any other.

(6)In this section “land” means any estate, interest or rights in or over land.]

Textual Amendments

F28Ss. 432AA, 432AB inserted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para 39 (with Sch. 5 para. 73)

F29Words in s. 432AA(2)(3)(5) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 52(1)(d)

F30Word in s 432AA(4)(d) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 52(2)(d)

Modifications etc. (not altering text)

C18S. 432AA modified (12.8.2005 with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), regs. 1(1), 10 (as amended by: S.I. 2007/2134, regs. 1(1)(2), 11; S.I. 2008/1937, regs. 1(1)(2), 8)

[F28432AB Losses from Schedule A business or overseas property business.U.K.

(1)This section applies to any loss arising in a Schedule A business or overseas property business.

(2)A loss arising from any category of business mentioned in section 432A(2) shall be apportioned under that section in the same way as income.

(3)So far as a loss is referable to basic life assurance and general annuity business, it shall be treated as if it were an amount of expenses of management under section 76 disbursed for the accounting period in which the loss arose.

(4)Where a company is treated under section 432AA as carrying on—

(a)more than one Schedule A business, or

(b)more than one overseas property business,

then, in relation to either kind of business, the reference in subsection (3) above to a loss referable to basic life assurance and general annuity business shall be construed as a reference to any aggregate net loss after setting the losses from those businesses which are so referable against any profits from those businesses that are so referable.

(5)The provisions of section 392A or 392B (loss relief) do not apply to a loss referable to life assurance business or any category of life assurance business.

(6)Where a company is treated under section 432AA as carrying on—

(a)more than one Schedule A business, or

(b)more than one overseas property business,

and, in relation to either kind of business, there are losses and profits referable to business which is not life assurance business, those losses shall be set against those profits before being used under section 392A or 392B.]

[F31432B Apportionment of receipts brought into account.U.K.

(1)This section and [F32sections 432C to 432F] have effect where it is necessary in accordance with section 83 of the Finance Act 1989 to determine what parts of any items [F33brought into account, within the meaning of that section,] are referable to life assurance business or any class of life assurance business.

[F34(2)Where for that purpose reference falls to be made to more than one account recognised for the purposes of that section, the provisions of sections 432C to 432F apply separately in relation to each account.]

(3)Sections 432C and 432D apply where the business with which an account is concerned (“the relevant business”) relates exclusively to policies or contracts under which the policy holders or annuitants are not eligible to participate in surplus; and [F35sections 432E and 432F apply] where the relevant business relates wholly or partly to other policies or contracts. ]

Textual Amendments

F32Words in s. 432B(1)(2) substituted (with effect in accordance with Sch. 8 para. 53(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 17(1)(a) (with Sch. 8 para. 55(2))

F33Words in s. 432B(1) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 16(2)(a) (with Sch. 8 para. 55(2))

F34S. 432B(2) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 16(2)(b) (with Sch. 8 para. 55(2))

F35Words in s. 432B(3) substituted (with effect in accordance with Sch. 8 para. 53(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 17(1)(b) (with Sch. 8 para. 55(2))

Modifications etc. (not altering text)

C23Ss. 432B-432E excluded (31.7.1992 with effect as mentioned in reg. 1 of the amending S.I.) by S. I. 1992/1655, regs. 1, 10

C24S. 432B modified (31.7.1992 with effect as mentioned in reg. 1 of the amending S.I.) by S.I. 1992/1655, regs. 1, 9(1)

[F36432C Section 432B apportionment: income of non-participating funds.U.K.

(1)To the extent that the amount brought into account as income is attributable to assets [F37linked] to [F38pension business, life reinsurance business, basic life assurance and general annuity business or long-term] business other than life assurance 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 [F39or land in the United Kingdom linked to overseas life assurance business], 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 [F40any category 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 [F41(but not below nil)] by the mean of the opening and closing [F42net values] of any assets of the relevant business directly referable to the category; and

[F43(b)the denominator is the aggregate of—

(i)the numerator given by paragraph (a) above; and

(ii)the numerators given by that paragraph in relation to the other categories of business.]

(5)For the purposes of subsections (3) and (4) above—

(a)F44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(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) [F45or (2)] 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.

[F46(6)For the purposes of this section, where a company carries on overseas life assurance business “liabilities” does not include liabilities of that business.]

Textual Amendments

F37Word in s. 432C(1) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 12(1)(a) (with Sch. 8 para. 55(2))

F38Words in s. 432C(1) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para 14(2) (with Sch. 8 para. 55(2))

F39Words in s. 432C(2) inserted (with effect in accordance with Sch. 8 para. 55(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 3 (with Sch. 8 para. 55(2))

F40Words in s. 432C(3) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para 14(3) (with Sch. 8 para. 55(2))

F41Words in s. 432C(4)(a) inserted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(3)(a)(4)(b)

F42Words in s. 432C(4)(a) substituted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(3)(a)(4)(b)

F43S. 432C(4)(b) substituted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(3)(b)(4)(b)

F44S. 432C(5)(a) repealed (with effect in accordance with Sch. 8 para. 57(1) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 8 para. 14(5), Sch. 29 Pt. 8(5), Note 2 (with Sch. 8 para. 55(2))

F45Words in s. 432C(5)(b) inserted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(7)

F46S. 432C(6) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 14(6) (with Sch. 8 para. 55(2))

Modifications etc. (not altering text)

C25Ss. 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

Valid from 08/04/2010

[F47432CAApportionment of asset value increase where line 51 amount decreasesU.K.

(1)This section applies where—

(a)an insurance company is not a non-profit company in relation to a period of account (“the current period of account”),

(b)in the case of any business with which an account of the company for the current period of account is concerned (“the relevant business”), an amount is a relevant brought into account amount for that period of account (see subsection (2)),

(c)section 432C applies for determining the extent to which the relevant brought into account amount is referable to life assurance business or to gross roll-up business, and

(d)the line 51 reduction condition is met (see subsection (3)).

(2)An amount is a relevant brought into account amount for a period of account if—

(a)it is brought into account as mentioned in subsection (2)(b) of section 83 of the Finance Act 1989 (increases in value of non-linked assets) for that period,

(b)it is deemed to be brought into account for that period by subsection (2B) of that section in consequence of the transfer of non-linked assets, or

(c)it is taken into account under subsection (2) of that section for that period by virtue of section 444AB as being the relevant amount in relation to non-linked assets.

(3)The line 51 reduction condition is met if—

(a)the amount shown in column 1 of line 51 of Form 14 of the company's periodical return in respect of the relevant business for the current period of account, is less than

(b)the amount so shown for the period of account immediately before it;

and the amount of the difference is “the relevant reduction”.

(4)Section 432C applies in relation to so much of the relevant brought into account amount as does not exceed the relevant reduction (“the affected amount”) as if it were brought into account as an increase in the value of assets in the case of the relevant business for the applicable appropriate period of account of the company.

(5)A period of account is an “appropriate period of account” if it ended before the current period of account and—

(a)the amount shown in column 1 of line 51 of Form 14 of the company's periodical return in respect of the relevant business for it, was more than

(b)the amount so shown for the period of account immediately before it;

and the amount of the difference is “the relevant increase.”

(6)The “applicable” appropriate period of account is the one which ended most recently (“the most recent appropriate period of account”).

(7)But if the relevant increase in the case of the most recent appropriate period of account is less than the affected amount, the most recent appropriate period of account is the applicable appropriate period of account in relation to only so much of the affected amount as does not exceed that relevant increase.

(8)In that case, the appropriate period of account which ended most recently before the most recent appropriate period of account is the applicable appropriate period of account in relation to so much of the remainder as does not exceed the relevant increase in the case of that appropriate period of account (and, where necessary, so on until the applicable appropriate period of account is established in relation to all of the affected amount or there are no more appropriate periods of account).

(9)If the current period of account is not the first in relation to which this section has applied in the case of the business concerned, the amount of the relevant increase in the case of any appropriate period of account (“the period in question”) is to be treated as reduced by the relevant aggregate.

(10)The “relevant aggregate” is the aggregate of so much of the affected amount for any period or periods of account earlier than the current period of account as was an amount to which section 432C applied as if it were brought into account as mentioned in subsection (4) for the period in question.

(11)For the purposes of this section an insurance company which has elected under section 83YA(9) of the Finance Act 1989 (changes in value of assets brought into account: non-profit companies) to be treated as a non-profit company in relation to a period of account is to be regarded as a non-profit company in relation to the period of account.]

Textual Amendments

F47S. 432CA inserted (with effect in accordance with s. 47(2)-(4) of the amending Act) by Finance Act 2010 (c. 13), s. 47(1)

Valid from 27/07/2010

[F48432CBTransfers of business involving excess assetsU.K.

(1)This section applies where, under an insurance business transfer scheme, there is a transfer of long-term business—

(a)from a non-profit fund of an insurance company (“the transferor”) which is not a non-profit company in relation to the relevant period of account,

(b)to another insurance company (“the transferee”) to constitute or form part of a non-profit fund of the transferee (“the transferee's non-profit fund”),

(“the transfer”) and conditions A and B are met.

(2)Condition A is that the fair value of the assets transferred by the transfer exceeds by an amount (“the chargeable excess”) the amount of the relevant liabilities transferred by the transfer.

For this purpose “relevant” liabilities are liabilities of a type shown (or treated as shown) in any of lines 14, 17, 21 to 23 and 31 to 38 of Form 14 of a periodical return of an insurance company.

(3)Condition B is that the main purpose, or one of the main purposes, of the transferor or the transferee (or both) in entering into any part of the transfer scheme arrangements is to secure a reduction in tax as a result of section 432C having effect in the case of the transferee, rather than the transferor, in relation to the business transferred by the transfer.

(4)The chargeable excess is to be brought into account by the transferor as mentioned in section 83(2)(b) of the Finance Act 1989 for the relevant period of account.

(5)Where there is no amount shown in relation to the transferee's non-profit fund in column 1 of line 51 of Form 14 of the periodical return of the transferee for the first period of account of the transferee ending on or after the transfer date (“the first post-transfer period of account”), the chargeable excess is to be brought into account by the transferee as mentioned in section 83(2) of the Finance Act 1989 as a decrease in the value of non-linked assets for the first post-transfer period of account.

(6)Where—

(a)there is an amount shown in relation to the transferee's non-profit fund in column 1 of line 51 of Form 14 of the periodical return of the transferee for the first post-transfer period of account, and

(b)the amount so shown in column 1 of line 51 of Form 14 of the periodical return of the transferee for that period of account, or for any other period of account of the transferee ending after the transfer date, (an “affected period of account”) is less than the total chargeable excess amount,

the relevant amount is to be brought into account by the transferee as mentioned in section 83(2) of the Finance Act 1989 as a decrease in the value of non-linked assets for the affected period of account.

(7)For this purpose “the relevant amount” is the amount by which—

(a)the amount shown in relation to the transferee's non-profit fund in column 1 of line 51 of Form 14 of the periodical return of the transferee for the affected period of account, is less than

(b)the total chargeable excess amount less any amount brought into account by the transferee as mentioned in section 83(2) of the Finance Act 1989 as a decrease in the value of non-linked assets for any earlier period of account by virtue of the operation of this section in relation to the transferee's non-profit fund.

(8)In subsections (6) and (7) “the total chargeable excess amount” means the aggregate of—

(a)the chargeable excess, and

(b)any amount which is the chargeable excess in relation to any other transfer of business to the transferee's non-profit fund.

(9)In this section “the relevant period of account” means—

(a)the period of account of the transferor ending immediately before the transfer date, or

(b)if no period of account of the transferor so ends, the period of account of the transferor covering the transfer date.

(10)In this section “the transfer scheme arrangements” means the insurance business transfer scheme and any relevant associated operations; and for this purpose “relevant associated operations” means—

(a)any other insurance business transfer scheme,

(b)any contract of reinsurance, or

(c)any reconstruction or amalgamation involving the transferor, a dependant of the transferor which is an insurance undertaking or the transferee,

which is effected in connection with the insurance business transfer scheme.

(11)In subsection (10)—

  • “dependant”, and

  • “insurance undertaking”,

have the same meaning as in the Insurance Prudential Sourcebook.

(12)In this section “the transfer date” means the date on which the insurance business transfer scheme takes effect.

(13)For the purposes of this section an insurance company which has elected under section 83YA(9) of the Finance Act 1989 (changes in value of assets brought into account: non-profit companies) to be treated as a non-profit company in relation to a period of account is to be regarded as a non-profit company in relation to the period of account.]

Textual Amendments

F48S. 432CB inserted (with effect in accordance with s. 9(2) of the amending Act) by Finance (No. 2) Act 2010 (c. 31), s. 9(1)

[F49432D Section 432B apportionment: value of non-participating funds.U.K.

(1)To the extent that the amount brought into account as the increase or decrease in the value of assets [F50or as other income] is attributable to assets [F51linked] to [F52pension business, life reinsurance business, basic life assurance and general annuity business or [F53long-term] business other than life assurance business], or to assets of the overseas life assurance fund which are [F51linked] to overseas life assurance business, it shall be referable to the category of business concerned.

(2)There shall be referable to any category of business the relevant fraction of the amount brought into account as the increase or decrease in the value of assets [F50or as other income] except so far as the amount is attributable to assets which are directly referable to [F54any category of business].

[F55(3)For the purposes of subsection (2) 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 [F56(but not below nil)] by the mean of the opening and closing [F57net values] of any assets of the relevant business directly referable to the category; and

[F58(b)the denominator is the aggregate of—

(i)the numerator given by paragraph (a) above; and

(ii)the numerators given by that paragraph in relation to the other categories of business.]

(4)For the purposes of subsections (2) and (3) above, the part of the amount brought into account as the increase or decrease in the value of assets [F50or as other 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 the increase or decrease in the value of assets [F50or as other income] as is attributable to them is so referable.]]

Textual Amendments

F50Words in s. 432D inserted (with effect in accordance with Sch. 33 para. 9(1) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 9(1)

F51Words in s. 432D(1) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 12(1)(a) (with Sch. 8 para. 55(2))

F52Words in s. 432D(1) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 15(2) (with Sch. 8 para. 55(2))

F53Word in s. 432D(1) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 52(2)(f)

F54Words in s. 432D(2) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 15(3) (with Sch. 8 para. 55(2))

F55S. 432D(3)(4) substituted for s. 432D(3) (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 15(4) (with Sch. 8 para. 55(2))

F56Words in s. 432D(3)(a) inserted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(3)(a)(4)(c)

F57Words in s. 432D(3)(a) substituted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(3)(a)(4)(c)

F58S. 432D(3)(b) substituted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(3)(b)(4)(c)

Modifications etc. (not altering text)

C28Ss. 432B-432E excluded (31.7.1992 with effect as mentioned in reg. 1 of the amending S.I.) by S. I. 1992/1655, regs. 1,10

[F59432ESection 432B apportionment: participating funds.U.K.

(1)The part of the net amount [F60 to be taken into account in accordance with section 83(2) of the M2Finance Act 1989 (that is to say, the aggregate amount to be taken into account as receipts reduced by the aggregate amount to be taken into account as expenses)] which is referable to a particular category of business [F61 shall be the amount determined in accordance with [F62subsections (2) and (2A)] below or, if greater, the amount determined in accordance with subsection (3) below.]

(2)For the purposes of subsection (1) above there shall be determined the amount which is such as to secure—

(a)F63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)F64. . . that

where—

  • S is the surplus of the relevant business;

  • AS is so much of that surplus as is allocated to persons entitled to the benefits provided for by the policies or contracts to which the relevant business relates;

  • CAS is so much of the surplus so allocated as is attributable to policies or contracts of the category of business concerned; and

  • CS is so much of the surplus of the relevant business as would remain if the relevant business were confined to business of the category concerned.

[F65(2A)In a case where an amount is taken into account under subsection (2) of section 83 of the Finance Act 1989 by virtue of subsection (2B) of that section, the amount determined under subsection (2) above is increased by—

where—

CAS and AS have the same meanings as in subsection (2) above; and

RP is the amount taken into account under subsection (2) of section 83 of the Finance Act 1989 by virtue of subsection (2B) of that section.]

(3)For the purposes of subsection (1) above there shall also be determined the aggregate of—

(a)the applicable percentage of what is left of the mean of the opening and closing liabilities of the relevant business so far as referable to the category of business concerned after deducting from it the mean of the opening and closing values of any assets of the relevant business [F66linked] to that category of business, and

(b)the part of the net amount mentioned in subsection (1) above that is attributable to assets [F66linked] to that category of business.

(4)For the purposes of subsection (3) above “the applicable percentage”, in any case, is such percentage as may be determined for that case by or in accordance with an order made by the Treasury.

(5)Where the part of the net amount referable to a particular category or categories of business (“the subsection (3) category or categories”) is the amount determined in accordance with subsection (3) above, the amount determined in accordance with subsection (2) above in relation to any other category (“the relevant category”) shall be reduced by—

where—

  • X is the excess of the amount determined in accordance with subsection (3) above in the case of the subsection (3) category (or each of them) over the amount determined in its case (or the case of each of them) in accordance with subsection (2) above;

  • Y is so much of the surplus of the relevant business as is allocated to persons entitled to the benefits provided for by policies or contracts of the relevant category; and

  • Z is so much of the surplus of the relevant business as is allocated to persons entitled to the benefits provided for by policies or contracts of the category (or each of the categories) which is not a subsection (3) category.

[F67References in this subsection to the amount determined in accordance with subsection (3) above are to that amount after making any deduction required by section 432F.]

(6)Where the category of business concerned is overseas life assurance business—

(a)if the part of the income brought into account that is attributable to assets of the overseas life assurance fund not [F66linked] to overseas life assurance business is greater than the amount arrived at under subsection (3)(a) above, this section shall have effect as if that part of that income were the amount so arrived at; F68. . .

(b)F68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F60Words in s. 432E(1) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 16(3) (with Sch. 8 para. 55(2))

F61Words in s. 432E(1) substituted (with effect in accordance with Sch. 8 para. 53(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 17(2)(a) (with Sch. 8 para. 55(2))

F62Words in s. 432E(1) substituted (with effect in accordance with Sch. 33 para. 10(5) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 10(2)

F63S. 432E(2)(a) repealed (with effect in accordance with Sch. 33 para. 10(5) of the repealing Act) by Finance Act 2003 (c. 14), Sch. 33 para. 10(3)(a), Sch. 43 Pt. 3(12), Note 2

F64Words in s. 432E(2)(b) repealed (with effect in accordance with Sch. 33 para. 10(5) of the repealing Act) by Finance Act 2003 (c. 14), Sch. 33 para. 10(3)(b), Sch. 43 Pt. 3(12), Note 2

F65S. 432E(2A) inserted (with effect in accordance with Sch. 33 para. 10(5) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 10(4)

F66Words in s. 432E(3)(a)(b)(6)(a) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 12(1)(a) (with Sch. 8 para. 55(2))

F67Words in s. 432E(5) inserted (with effect in accordance with Sch. 8 para. 53(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 17(2)(b) (with Sch. 8 para. 55(2))

F68S. 432E(6)(b) and preceding word repealed (with effect in accordance with Sch. 3 para. 2(2) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 3 para. 2(1), Sch. 8 Pt. 2(6), Note

Modifications etc. (not altering text)

C31Ss. 432B-432E excluded (31.7.1992 with effect as mentioned in reg. 1 of the amending S.I.) by S.I. 1992/1655, regs. 1,10

C32S. 432E modified (20.3.1997 with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473), regs. 1(1), 14 (as amended by S.I. 2004/822, regs. 1, 10)

C33 For orders see Part III Vol.5 (under

Life assurance apportionment of participating funds: applicable percentage”).

Marginal Citations

[F69432F Section 432B apportionment: supplementary provisions.U.K.

(1)The provisions of this section provide for the reduction of the amount determined in accordance with section 432E(3) (“the subsection (3) figure”) for an accounting period in which that amount exceeds, or would otherwise exceed, the amount determined in accordance with section 432E(2) (“the subsection (2) figure”).

(2)For each category of business in relation to which section 432E falls to be applied there shall be determined for each accounting period the amount (if any) by which the subsection (2) figure, after making any reduction required by section 432E(5), exceeds the subsection (3) figure (“the subsection (2) excess”).

(3)Where there is a subsection (2) excess, the amount shall be carried forward and if in any subsequent accounting period the subsection (3) figure exceeds, or would otherwise exceed, the subsection (2) figure, it shall be reduced by the amount or cumulative amount of subsection (2) excesses so far as not previously used under this subsection.

(4)Where in an accounting period that amount is greater than is required to bring the subsection (3) figure down to the subsection (2) figure, the balance shall be carried forward and aggregated with any subsequent subsection (2) excess for use in subsequent accounting periods.]

Textual Amendments

F69S. 432F inserted (with effect in accordance with Sch. 8 para. 53 of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 17(3) (with Sch. 8 para. 55(2))

Modifications etc. (not altering text)

C34S. 432F(1) modified (20.3.1997 with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473), regs. 1(1), 15; and that modifying reg. 15 is omitted (8.4.2004 with effect in accordance with reg. 1 of the revoking S.I.) by virtue of S.I. 2004/822, reg. 11

Valid from 01/01/2005

[F70432GSection 432B: apportionment of business transfer-inU.K.

(1)This section applies where an amount falls within section 83(2)(e) of the Finance Act 1989.

(2)Where—

(a)this section applies, and

(b)it is necessary in accordance with section 83 to determine what part of a business transfer-in is referable to life assurance business or any category of life assurance business,

a business transfer-in shall be apportioned to the categories of business of the transferee in the proportions which the amount of the liabilities transferred for each of those categories bear to the whole of the liabilities transferred.]

Textual Amendments

F70S. 432G inserted (1.1.2005 with effect in accordance with art. 1 of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) Order 2004 (S.I. 2004/3266), art. 4

F71433 Profits reserved for policy holders and annuitants.U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F71S. 433 repealed (14.3.1989) by Finance Act 1989 (c. 26), s. 84(5), Sch. 8 para. 2, Sch. 17 Pt. IV, Note 3 (with s. 84(6))

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