Regulation 23 Modifications of the Finance Act 1989

Modify section 83ZA^f1 (contingent loans) as follows.

In subsection (8) after “non-technical account” insert “so far as such amounts fall to be attributed, for the purposes of section 11AA(2) of the Taxes Act 1988, to the permanent establishment in the United Kingdom through which the company carries on life assurance business”.

After subsection (8) insert—

“(8A)

In the case of an EEA firm or a Treaty firm, the reference in subsection (8) to the positive amounts brought into account as transfers to non-technical account shall be treated as a reference to so much of any positive amounts brought into account as transfers to non-technical account as—

(a)

is shown in the IAD accounts, and

(b)

falls to be attributed, for the purposes of section 11AA(2) of the Taxes Act 1988, to the permanent establishment in the United Kingdom through which the company carries on life assurance business.”.

In subsection (9) before “allocated” insert “brought into account and”.