17. After regulation 24 insert—
“24A. In section 85A(6) (excess adjusted Case I profits)(1)—
(a)in paragraph (a), at the end insert “to the extent such income falls to be attributed, for the purposes of section 11AA(2) of that Act(2), to the permanent establishment in the United Kingdom through which the company carries on life assurance business”,
(b)in paragraph (b), at the end insert “to the extent such gains fall to be attributed, for the purposes of section 11AA(2) of that Act, to the permanent establishment in the United Kingdom through which the company carries on life assurance business”.”
Section 85A of the Finance Act 1989 was inserted by paragraph 14 of Schedule 8 to the Finance Act 2007.
Section 11AA of the Income and Corporation Taxes Act 1988 was inserted by section 149(2) of the Finance Act 2003.