Section 102 Policyholders' rate of tax on policyholders' share of I - E profit
United Kingdom
This section applies if an insurance company has an I - E profit for an accounting period.
The rate of corporation tax chargeable for a financial year on the policyholders' share (if any) of the I - E profit is the policyholders' rate of tax.
The policyholders' rate of tax is the rate at which income tax at F1the savings basic rate is charged for the tax year that begins on 6 April in the financial year.
The policyholders' share of the I - E profit is determined in accordance with section 103.
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F3The policyholders' share of the I - E profit for an insurance company's accounting period is to be left out of account in determining for the purposes of Part 3A of CTA 2010 (companies with small profits)—
the augmented profits of the company for the accounting period, and
the taxable total profits of the company for the accounting period.
Annotations
Textual amendments
- F1
Words in s. 102(3) substituted (for the tax year 2027-28 and subsequent tax years) by Finance Act 2026 (c. 11), s. 6(8), Sch. 1 para. 54
- F2
S. 102(5) omitted (with effect in accordance with Sch. 1 para. 22 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 1 para. 18
- F3
S. 102(5) inserted (with effect in accordance with Sch. 1 para. 34 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 32