# The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004, Paragraph 45: Corporation tax: policy holders' fraction of profits


(1) Section 88 of the Finance Act 1989 is amended as follows.
(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—
“and
(a) the basic deduction given by Step 8 in section 76(5) of the Taxes Act 1988.”.

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Source: https://www.legislation.gov.uk/uksi/2004/2310/schedule/paragraph/45 (the official version)
Page: https://openlegislation.uk/finance-act-2004-sections-38-to-40-and-45-and-schedule-6-consequential-amendment-of-enactments-order-2004/schedule/paragraph-45
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.