SCHEDULES

SCHEDULE 7Insurance business: gross roll-up business etc

Part 1Amendments

Income and Corporation Taxes Act 1988 (c. 1)

47

1

Section 755A (treatment of chargeable profits and creditable tax apportioned to company carrying on life assurance business) is amended as follows.

2

In subsection (4), for the words after “referable to” substitute “ gross roll-up business carried on by the UK company. ”

3

In subsection (6)(c), for “a category of business specified in paragraphs (a) to (c) of subsection (4) above” substitute “ gross roll-up business ”.

4

In subsection (13), for paragraphs (a) to (d) substitute—

a

basic life assurance and general annuity business, or

ba

gross roll-up business,