Finance (No. 2) Act 2005
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Change 1
SCHEDULE 9 Insurance companies etc
Section 42 Expenses of insurance companies Interpretative provisions relating to insurance companies Amendment of Chapter 1 of Part 12 of ICTA etc Apportionment of income and gains 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 432B apportionment: participating funds 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfers of business: deemed periodical return 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfers of business: modification of section 444AC of ICTA 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfers of business: transferor shares are assets of transferee's long-term insurance fund etc 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Equalisation reserves for general business 9 (1) Section 444BA of ICTA is amended as follows. (2) In subsection (11) (meaning of “equalisation reserves rules”) for “Chapter 6 of the Prudential Sourcebook (Insurers)” substitute “ chapter 7.5 of the Integrated Prudential Sourcebook ”. (3) The amendment made by this paragraph has effect in relation to periods of account ending on or after 31st December 2004. Unappropriated surplus on valuation 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Relevant financial reinsurance contracts 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts to be taken into account Meaning of “brought into account” Changes in recognised accounts: attribution of amounts carried forward under s.432F of ICTA Charge of certain receipts of basic life assurance business Corporation tax: policy holders' fraction of profits 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Overseas life insurance companies 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Meaning of “pension business” 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous references to “class” of business 19 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) The amendments made by this paragraph have effect in relation to periods of account beginning on or after 1st January 2005. Transfers of business: references to accounting period ending with day of transfer 20 (1) Section 12 of ICTA (corporation tax: basis of, and periods for, assessment) is amended as follows. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7) The amendments made by sub-paragraphs (2) to (5) have effect in relation to insurance business transfer schemes taking place on or after 16th March 2005. (8) The amendment made by sub-paragraph (6) has effect where the accounting period for which the net amount represents an excess of losses over gains is an accounting period beginning on or after 1st January 2003.
SCHEDULE 9 Insurance companies etc
Section 42 Expenses of insurance companies Interpretative provisions relating to insurance companies Amendment of Chapter 1 of Part 12 of ICTA etc Apportionment of income and gains 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 432B apportionment: participating funds 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfers of business: deemed periodical return 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfers of business: modification of section 444AC of ICTA 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfers of business: transferor shares are assets of transferee's long-term insurance fund etc 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Equalisation reserves for general business 9 (1) Section 444BA of ICTA is amended as follows. (2) In subsection (11) (meaning of “equalisation reserves rules”) for “Chapter 6 of the Prudential Sourcebook (Insurers)” substitute “ chapter 7.5 of the Integrated Prudential Sourcebook ”. (3) The amendment made by this paragraph has effect in relation to periods of account ending on or after 31st December 2004. Unappropriated surplus on valuation 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Relevant financial reinsurance contracts 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts to be taken into account Meaning of “brought into account” Changes in recognised accounts: attribution of amounts carried forward under s.432F of ICTA Charge of certain receipts of basic life assurance business Corporation tax: policy holders' fraction of profits 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Overseas life insurance companies 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Meaning of “pension business” 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous references to “class” of business 19 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) The amendments made by this paragraph have effect in relation to periods of account beginning on or after 1st January 2005. Transfers of business: references to accounting period ending with day of transfer 20 (1) Section 12 of ICTA (corporation tax: basis of, and periods for, assessment) is amended as follows. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7) The amendments made by sub-paragraphs (2) to (5) have effect in relation to insurance business transfer schemes taking place on or after 16th March 2005. (8) The amendment made by sub-paragraph (6) has effect where the accounting period for which the net amount represents an excess of losses over gains is an accounting period beginning on or after 1st January 2003.
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