# The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007, Article 9: Amendment of the Income and Corporation Taxes Act 1988


(1) Amend paragraph 4 of Schedule 19AA (overseas life assurance fund: determination of the amount of fund) as follows.
(2) In sub-paragraph (1) at the end insert “This is subject to sub-paragraph (1A) below.”.
(3) After sub-paragraph (1) insert—
“(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.”.
(4) In sub-paragraph (2)—
(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)”;
(b) at the end insert “This is subject to sub-paragraph (2A) below.”.
(5) After sub-paragraph (2) insert—
“(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.”.

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Source: https://www.legislation.gov.uk/uksi/2007/1031/article/9 (the official version)
Page: https://openlegislation.uk/insurance-companies-corporation-tax-acts-amendment-order-2007/article-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.