Finance Act 2012
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
110 Allocations to policyholders
(1) In calculating the profits for an accounting period, a deduction is allowed for any amount which is allocated to policyholders or annuitants in respect of the accounting period. (2) But there is no deduction for an amount of a capital nature that— (a) is allocated to holders of with-profits policies, and (b) has not been funded from an amount credited in accounts of the business drawn up in accordance with generally accepted accounting practice (whether drawn up by the company or another company). (3) For this purpose a payment made in connection with the reattribution of inherited estate is to be regarded as an amount of a capital nature. (4) “With-profits policies” means policies under which the holders are eligible to participate in surplus.
110 Allocations to policyholders
(1) In calculating the profits for an accounting period, a deduction is allowed for any amount which is allocated to policyholders or annuitants in respect of the accounting period. (2) But there is no deduction for an amount of a capital nature that— (a) is allocated to holders of with-profits policies, and (b) has not been funded from an amount credited in accounts of the business drawn up in accordance with generally accepted accounting practice (whether drawn up by the company or another company). (3) For this purpose a payment made in connection with the reattribution of inherited estate is to be regarded as an amount of a capital nature. (4) “With-profits policies” means policies under which the holders are eligible to participate in surplus.
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