Finance Act 2012

PART 1 Amendments of ICTA

1 ICTA is amended as follows.

2 Omit section 76 (expenses of insurance companies).

3 Omit section 76ZA (payments for restrictive undertakings).

4 Omit section 76ZB (seconded employees).

5 Omit sections 76ZC to 76ZE (counselling and retraining expenses).

6 Omit sections 76ZF to 76ZJ (redundancy payments etc).

7 Omit section 76ZK (contributions to local enterprise organisations or urban regeneration companies).

8 Omit sections 76ZL and 76ZM (unpaid remuneration).

9 Omit section 76ZN (car hire).

10 In section 95ZA(3) (taxation of UK distributions received by insurance companies), for “life assurance business” substitute “business in relation to which section 111 of the Finance Act 2012 applies”.

11 Omit section 431 (interpretative provisions relating to insurance companies).

12 Omit section 431ZA (election for assets not be foreign business assets).

13 Omit section 431A (amendment of Chapter etc).

14 Omit section 431B (meaning of “pension business”).

15 Omit section 431BA (meaning of “child trust fund business”).

16 Omit section 431BB (meaning of “individual savings account business”).

17 Omit section 431C (meaning of “life reinsurance business”).

18 Omit sections 431D and 431E (meaning of “overseas life assurance business” etc).

19 Omit section 431EA (meaning of “gross roll-up business”).

20 Omit section 431F (meaning of “basic life assurance and general annuity business”).

21 Omit section 431G (company carrying on life assurance business).

22 Omit section 431H (company carrying on life assurance business and other insurance business).

23 Omit section 432YA (PHI business — adjustment consequent of change in Insurance Prudential Sourcebook).

24 Omit section 432ZA (linked assets).

25 Omit section 432A (apportionment of income and gains).

26 Omit section 432AA (property businesses).

27 Omit section 432AB (losses from property businesses).

28 Omit sections 432B to 432G (apportionment of receipts brought into account).

29 Omit section 434 (franked investment income etc).

30 Omit section 434A (computation of losses and limitation on relief).

31 Omit sections 434AZA to 434AZC (reduced loss relief for additions to non-profit funds).

32 Omit section 436A (gross roll-up business: separate charge on profits).

33 Omit section 436B (gains referable to gross-roll up business not to be chargeable gains).

34 Omit sections 437 and 437A (general annuity business).

35 Omit section 438 (pension business: exemption from tax).

36 Omit section 440 (transfers of assets etc).

37 Omit section 440A (securities).

38 Omit section 440B (modifications where tax charged under s.35 of CTA 2009).

39 Omit section 440C (modifications for change of tax basis).

40 Omit section 440D (modifications in relation to BLAGAB group reinsurers).

41 Omit section 442 (overseas business of UK companies).

42 Omit section 442A (taxation of investment return where risk reinsured).

43 Omit sections 444A to 444AED (transfers of business).

44 Omit sections 444AF to 444AL (surpluses of mutual and former mutual businesses).

45 In Schedule 15 (qualifying policies), in paragraph 24(3)(a), for “section 431(2)” substitute “section 56 of the Finance Act 2012”.

46 Omit Schedule 19ABA (modifications in relation to BLAGAB group reinsurers).