{
  "url": "https://openlegislation.uk/finance-act-1996/schedule-41/paragraph-wrapper3",
  "json_url": "https://openlegislation.uk/finance-act-1996/schedule-41/paragraph-wrapper3.json",
  "legislation": "ukpga/1996/8",
  "legislation_title": "Finance Act 1996",
  "legislation_url": "https://openlegislation.uk/finance-act-1996",
  "path": "schedule/41/paragraph/wrapper3",
  "kind": "paragraph",
  "number": null,
  "heading": null,
  "text": "(22) Venture capital trusts\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn Schedule 28B, in paragraph 9, in sub-paragraph (1) the words “subject to sub-paragraph (2) below” and sub-paragraph (2).\nThese repeals have effect in accordance with section 161 of this Act.\n(23) Life assurance business losses\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nSection 436(3)(aa).\nSection 439B(3)(b).\nSection 441(4)(aa).\n1995 c. 4.\nThe Finance Act 1995.\nIn Schedule 8, paragraph 16(4) and (5).\nThese repeals have effect in accordance with paragraph 10(2) of Schedule 31 to this Act.\n(24) Management expenses of insurance companies\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn section 434(1)(b), the words from “of the tax” onwards.\nIn section 434D(8), in paragraph (b) of the second sentence, the words from “of the tax” onwards.\nIn section 442(3), the words “otherwise than for the purposes of section 76(2)”.\nIn section 473, subsection (5).\nIn Schedule 19AC—\n(a) in paragraph 5(1), in the subsection (6B) deemed to be inserted in section 76, the words “and subsections (2) and (3)(b) above”; and\n(b) in paragraph 9, in the subsection (1A) deemed to be inserted in section 434, the words from “of the tax” onwards.\n1992 c. 12.\nThe Taxation of Chargeable Gains Act 1992.\nIn Schedule 10, in paragraph 14(27)(a), the words “and (5)”.\nThese repeals come into force in accordance with section 164(5) of this Act.\n(25) Annual payments under insurance policies\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nSection 434B(1).\nThis repeal has effect in accordance with section 165 of this Act.\n(26) Industrial assurance business\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn section 431(2)—\n(a) the definitions of “industrial assurance business” and of “ordinary long term business” and “ordinary life assurance business”; and\n(b) in the definition of “long term business fund”, the words from “or, where” to “so maintained”.\nSection 432(2).\nIn section 458(3), the words “or industrial assurance business”.\n1989 c. 26.\nThe Finance Act 1989.\nSection 83A(5).\n1990 c. 29.\nThe Finance Act 1990.\nIn Schedule 6, paragraph 3.\nThese repeals come into force in relation to accounting periods beginning on or after 1st January 1996.\n(27) Provisional repayments in connection with insurance companies’ pension business\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn Schedule 19AB, in paragraph 1(5)(b), the word “and” immediately preceding sub-paragraph (ii) and paragraphs 1(8) and 6(3).\nIn Schedule 19AC, paragraph 15(1).\nThese repeals have effect in accordance with section 169 of, and Schedule 34 to, this Act.\n(28) Friendly societies\nChapter\nShort title\nExtent of repeal\n1992 c. 48.\nThe Finance (No. 2) Act 1992.\nIn Schedule 9, paragraph 14(2).\nThis repeal has effect in accordance with section 171 of this Act.\n(29) Loans to participators etc.\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn section 419(6), the words “and to a company not resident in the United Kingdom”.\nThis repeal has effect in accordance with section 173(6) of this Act.\n(30) Chargeable gains: non-resident companies\nChapter\nShort title\nExtent of repeal\n1992 c. 12.\nThe Taxation of Chargeable Gains Act 1992.\nSection 13(5)(a) and (6).\nIn Schedule 5, paragraph 8(10).\nThese repeals come into force in relation to gains accruing on or after 28th November 1995.\n(31) Cancellation of tax advantages: transactions in certain securities\nChapter\nShort title\nExtent of repeal\n1996 c. 8.\nThe Finance Act 1996.\nIn section 175, subsections (2) and (3) and, in subsection (4), the words “Except as provided by subsection (3) above,”.\nThese repeals have effect in accordance with section 175(3) of this Act.\n(32) Sub-contractors in the construction industry\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn section 566(2), the words “and any such regulations may make different provision for different circumstances.”\n(33) Capital allowances: roll-over relief in respect of ships\nChapter\nShort title\nExtent of repeal\n1990 c. 1.\nThe Capital Allowances Act 1990.\nIn section 33C(2), the words “to be”, in the first place where they occur.\n(34) Controlled foreign companies\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn section 747A, subsection (7) and, in subsection (8), the words “the company is not a trading company and”.\nIn Schedule 25, in paragraph 2A, in sub-paragraph (1), the words “which is not a trading company” and sub-paragraphs (6) and (7) and, in paragraph 3, sub-paragraphs (1) to (4) and, in sub-paragraph (5), the words “the available profits or, where the company is not a trading company,”.\nThese repeals have effect in accordance with section 182 of this Act.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1996/8/schedule/41/paragraph/wrapper3",
    "retrieved_at": "2026-10-29T09:32:25.231034+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."
}