{
  "url": "https://openlegislation.uk/finance-act-1988/section-59",
  "json_url": "https://openlegislation.uk/finance-act-1988/section-59.json",
  "legislation": "ukpga/1988/39",
  "legislation_title": "Finance Act 1988",
  "legislation_url": "https://openlegislation.uk/finance-act-1988",
  "path": "section/59",
  "kind": "section",
  "number": "59",
  "heading": "Reinsurance: general.",
  "text": "(1) In subsection (4) of section 450 of the Taxes Act 1988 (underwriters), for paragraph (b) there shall be substituted—\n“(b) any insurance money payable to him under that insurance in respect of a loss shall be taken into account as a trading receipt in computing those profits or gains for the year of assessment which corresponds to the underwriting year in which the loss arose;”\n(2) The amendment set out in subsection (1) above shall also be made in paragraph 4 of Schedule 16 to the Finance Act 1973 (underwriters).\n(3) Subsection (1) above shall have effect for the year 1988-89 and subsequent years of assessment; and subsection (2) above shall have effect for the years 1985-86, 1986-87 and 1987-88.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1988/39/section/59",
    "retrieved_at": "2026-10-29T09:47:50.591815+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}