{
  "url": "https://openlegislation.uk/finance-act-2004-sections-38-to-40-and-45-and-schedule-6-consequential-amendment-of-enactments-order-2004/schedule/paragraph-45",
  "json_url": "https://openlegislation.uk/finance-act-2004-sections-38-to-40-and-45-and-schedule-6-consequential-amendment-of-enactments-order-2004/schedule/paragraph-45.json",
  "legislation": "uksi/2004/2310",
  "legislation_title": "The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004",
  "legislation_url": "https://openlegislation.uk/finance-act-2004-sections-38-to-40-and-45-and-schedule-6-consequential-amendment-of-enactments-order-2004",
  "path": "schedule/paragraph/45",
  "kind": "paragraph",
  "number": "45",
  "heading": "Corporation tax: policy holders' fraction of profits",
  "text": "(1) Section 88 of the Finance Act 1989 is amended as follows.\n(2) In subsection (3) (relevant profits to be income and gains of life assurance business reduced by aggregate amount of the items in the paragraphs) for the words from the end of paragraph (aa) to the end substitute—\n“and\n(a) the basic deduction given by Step 8 in section 76(5) of the Taxes Act 1988.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Section 88(3) was substituted by paragraph 57(1) of Schedule 8 to the Finance Act 1995 and amended by paragraph 56 of Schedule 14 to the Finance Act 1996 (c. 26)."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Paragraph (aa) was inserted before paragraph (a) in subsection (3) by paragraph 56 of Schedule 14 to the Finance Act 1996."
    }
  ],
  "outstanding_effects": [
    {
      "type": "revoked",
      "affecting": "ukpga/2010/8",
      "affecting_title": "Taxation (International and Other Provisions) Act 2010"
    },
    {
      "type": "revoked",
      "affecting": "ukpga/2010/8",
      "affecting_title": "Taxation (International and Other Provisions) Act 2010"
    },
    {
      "type": "revoked",
      "affecting": "ukpga/2010/8",
      "affecting_title": "Taxation (International and Other Provisions) Act 2010"
    },
    {
      "type": "revoked",
      "affecting": "uksi/2006/3271",
      "affecting_title": "The Overseas Life Insurance Companies Regulations 2006"
    },
    {
      "type": "revoked",
      "affecting": "ukpga/2010/4",
      "affecting_title": "Corporation Tax Act 2010"
    },
    {
      "type": "revoked",
      "affecting": "ukpga/2010/4",
      "affecting_title": "Corporation Tax Act 2010"
    },
    {
      "type": "revoked",
      "affecting": "ukpga/2010/4",
      "affecting_title": "Corporation Tax Act 2010"
    },
    {
      "type": "revoked",
      "affecting": "ukpga/2010/8",
      "affecting_title": "Taxation (International and Other Provisions) Act 2010"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2004/2310/schedule/paragraph/45",
    "retrieved_at": "2026-10-29T05:19:06.837964+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."
}