The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 No. 2310

SCHEDULE EXPENSES OF COMPANIES WITH INVESTMENT BUSINESS AND INSURANCE COMPANIES

Taxes Act 1988

Computation of gross profits

15.—(1) Section 403ZE(1) is amended as follows.

(2) In subsection (1) (gross profits for surrender period) in paragraph (b)(ii) (no deduction by virtue of section 75(3) of the Taxes Act 1988) for “75(3)” substitute “75(9)”.

(3) In section 403ZE(2)(b)(ii), the reference to section 75(9) of the Taxes Act 1988 includes a reference to the old section 75(3).

(4) Omit subsection (2) (which is rendered unnecessary by section 76 no longer applying section 75).

(1)

Section 403ZE was substituted for the original section 403 by paragraph 29 of Schedule 5 to the Finance Act 1998.