Section 24 Application to insurance companiesF1C1
United Kingdom
This section makes provision in a case where the non-UK resident company mentioned in subsection (1) of section 21 is an insurance company.
In accordance with the principle in that subsection, the permanent establishment is treated as holding—
the same or a similar quantity of assets, and
assets of the same or similar description,
as would have been held by a F2separate and independent enterprise acting as mentioned in that subsection.
The assets which the permanent establishment is treated as holding in accordance with the principle in that subsection may include a proportion of assets held by the company.
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Annotations
Textual amendments
- F1
S. 24 substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 138
- F2
Words in s. 24(2) substituted (for chargeable periods beginning on or after 1.1.2026) by Finance Act 2026 (c. 11), Sch. 7 paras. 7(a), 30
- F3
S. 24(4) omitted (for chargeable periods beginning on or after 1.1.2026) by virtue of Finance Act 2026 (c. 11), Sch. 7 paras. 7(b), 30
- F4
S. 24(5) omitted (for chargeable periods beginning on or after 1.1.2026) by virtue of Finance Act 2026 (c. 11), Sch. 7 paras. 7(b), 30
- F5
S. 24(6) omitted (for chargeable periods beginning on or after 1.1.2026) by virtue of Finance Act 2026 (c. 11), Sch. 7 paras. 7(b), 30
Modifications
- C1
Ss. 21-28 applied (19.7.2011) by Finance Act 2011 (c. 11), Sch. 19 para. 26(3)