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

General annuity business

18.—(1) Section 437(1) is amended as follows.

(2) In subsection (1A) (new annuities to be brought into account by treating an amount as a sum disbursed as expenses of management) for the words from “as a sum” to the end of the subsection substitute—

“as expenses payable which fall to be brought into account for that period at Step 3 in section 76(7)”.

(1)

Section 437 has been amended. The relevant amendments are those made by paragraphs 5 and 18 of Schedule 7 to the Finance Act 1991, section 67(1) and (7) of the Finance Act 1997, and paragraph 6 of Schedule 33 to the Finance Act 2003.