{
  "url": "https://openlegislation.uk/insurance-companies-corporation-tax-acts-amendment-order-2007/article-9",
  "json_url": "https://openlegislation.uk/insurance-companies-corporation-tax-acts-amendment-order-2007/article-9.json",
  "legislation": "uksi/2007/1031",
  "legislation_title": "The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007",
  "legislation_url": "https://openlegislation.uk/insurance-companies-corporation-tax-acts-amendment-order-2007",
  "path": "article/9",
  "kind": "article",
  "number": "9",
  "heading": "Amendment of the Income and Corporation Taxes Act 1988",
  "text": "(1) Amend paragraph 4 of Schedule 19AA (overseas life assurance fund: determination of the amount of fund) as follows.\n(2) In sub-paragraph (1) at the end insert “This is subject to sub-paragraph (1A) below.”.\n(3) After sub-paragraph (1) insert—\n“(1A) If for the purposes of sub-paragraph (1) above A is below nil then the amount referred to in paragraph 3 above shall be nil.”.\n(4) In sub-paragraph (2)—\n(a) in paragraph (b), in the definition of A, after “period of account” insert “(but taking that amount to be nil if it would otherwise be below nil)”;\n(b) at the end insert “This is subject to sub-paragraph (2A) below.”.\n(5) After sub-paragraph (2) insert—\n“(2A) If for the purposes of sub-paragraph (2) above B is nil then, in sub-paragraph (1) above, in B, the “appropriate part” of the company’s free assets amount, at the end of the period of account, or of any liabilities of its long-term insurance fund at that time which represents a money debt, means the part which bears to the whole such proportion as is just and reasonable.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Schedule 19AA was inserted by paragraph 6 of Schedule 7 to the Finance Act 1990. Paragraph 4(2) was amended by article 3(3) of S.I. 2000/2188, article 52(1)(k)(iii) and (2)(m)(ii) of S.I. 2001/3629, and article 7(3) of S.I. 2005/3465."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2007/1031/article/9",
    "retrieved_at": "2026-10-29T03:56:16.615047+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."
}