Paragraph 9 F1

United Kingdom

In section 434, the following subsections shall be treated as inserted after subsection (1B)—

“(1C)

The exclusion from section 11(2)(a), (aa) or (ab) of distributions received from companies resident in the United Kingdom shall not apply in relation to—

(a)

the charge to corporation tax on the life assurance profits of an overseas life insurance company computed in accordance with the provisions of this Act applicable to Case I of Schedule D; or

(b)

any computation of such profits in accordance with those provisions.

(1D)

Paragraph 2 of Schedule F shall not have effect for the purposes of subsection (1C)(a) or (b) above, F3but this subsection shall not apply in relation to distributions in respect of which an overseas life insurance company is entitled to a tax credit under section 441A.

(1E)

The reference in subsection (1C) above to the life assurance profits of an overseas life insurance company is a reference to the profits of the company—

(a)

in respect of its life assurance business; or

(b)

in respect of any category of life assurance business which it carries on.”

(2)

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Sch. 19AC inserted (27.7.1993) by 1993 c. 34, s. 97, Sch. 9 para.1
F2: Sch. 19AC para. 9(1) substituted (with effect in accordance with Sch. 3 para. 13(15) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 3 para. 13(6)
F3: Words in Sch. 19AC para. 9(1) repealed (with effect in accordance with Sch. 4 para. 29(4), Sch. 8 Pt. 2(10) Note of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 4 para. 29(2), Sch. 8 Pt. 2(10)
F4: Sch. 19AC para. 9(2)(3) repealed (with effect in accordance with Sch. 8 para. 57(1) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(5), Note 2

Modifications

C1: Sch. 19AC para. 9(1) modified by The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871), reg. 21A (as inserted (22.8.2000) by The Individual Savings Account (Insurance Companies) (Amendment) Regulations 2000 (S.I. 2000/2075), reg. 5)
C2: Sch. 19AC para. 9 modified (31.7.1997) by 1992 (c. xx), s. 65(2)(ab) (as inserted) by Finance Act 1997 No. 2 (c. 58), Sch. 3 para. 15

Notes on Schedule 19AC

Textual amendments

F1: Sch. 19AC repealed (31.12.2006 with effect in accordance with reg. 1 of the repealing S.I.) by The Overseas Life Insurance Companies Regulations 2006 (S.I. 2006/3271), reg. 43(1), Sch. Pt. 1
F2: Sch. 19AC inserted (27.7.1993) by 1993 c. 34, s. 97, Sch. 9 para.1