Regulation 12 Modifications of the Income and Corporation Taxes Act

(1)

Modify section 440A^f1 (securities) as follows.

(2)

In subsection (2)—

(a)

in paragraph (a) before “securities” in the first place where it occurs insert “UK”,

(b)

in paragraphs (c) to (e) before “securities” insert “UK”,

(c)

in paragraph (d) omit “and”, and

(d)

at the end insert

“, and

(f)
the non-UK securities shall be treated for those purposes as a separate holding which is not of any of the descriptions mentioned in the preceding paragraphs.”.

(3)

After subsection (6) insert—

“(6A)
For the purposes of this section —

(a)
UK securities are such securities as are assets which fall to be attributed, for the purposes of section 11AA(2), to the permanent establishment in the United Kingdom through which the company carries on life assurance business; and

(b)
non-UK securities are securities which are not UK securities.”.

Annotations

Footnotes

f1: Section 440A was inserted by paragraph 8 of Schedule 6 to the Finance Act 1990 and relevantly amended by paragraphs 6 and 57 of Schedule 8 to the Finance Act 1995 and articles 13 and 52(1)(h) of S.I. 2001/3629.