A life insurance company which sold its ‘own purchase shares’ was not prevented by the section from reclaiming the tax credits on associated income distributions.
Citations:
Times 17-May-2000, Gazette 31-May-2000
Statutes:
Income and Corporation Taxes Act 1988 95 438(4)
Jurisdiction:
England and Wales
Citing:
See Also – Prudential Assurance Company Ltd v Bibby (Inspector of Taxes) ChD 24-Jul-1999
Charges on income are not first to be deducted before computing relevant profits of a company carrying on life assurance business under the Act. This allows such companies to set such charges against the balance of profits chargeable to corporation . .
Lists of cited by and citing cases may be incomplete.
Corporation Tax
Updated: 05 May 2022; Ref: scu.78388