Section 432 Separation of different categories of business.F3C1C2
United Kingdom
M1Where an insurance company carries on life assurance business in conjunction with insurance business of any other F1category, the life assurance business shall, for the purposes of the Corporation Tax Acts, be treated as a separate business from any other category of business carried on by the company.
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Annotations
Textual amendments
- F1
Words in s. 432 substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 12(3) (with Sch. 8 para. 55(2))
- F2
S. 432(2) repealed (with effect in accordance with s. 167(10), Sch. 41 Pt. 5(26) Note of the repealing Act) by Finance Act 1996 (c. 8), s. 167(1), Sch. 41 Pt. 5(26)
- F3
S. 432: word in sidenote substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 51(3) (with Sch. 8 para. 55(2))
Marginal citations
- M1
Source—1970 s.307
Modifications
- C1
S. 432 modified (20.3.1997 with effect in accordance with reg. 8(1) of the modifying S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473), regs. 1(1), 8(2)
- C2
S. 432 modified (12.8.2005 with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), regs. 1(1), 8 (and that modifying reg. 8 is omitted by virtue of S.I. 2007/2134, regs. 1(1)(2), 8)
Notes on Basis of taxation etc
Textual amendments
- F1
Cross-heading before s. 432 inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 51(2) (with Sch. 8 para. 55(2))
- F2
Ss. 431G, 431H and preceding cross-heading substituted for s. 432 and preceding cross-heading (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 4 (with Sch. 8 Pt. 2)