Bibby (Inspector of Taxes) v Prudential Assurance Co Ltd; Oakes (Inspector of Taxes) v Equitable Life Assurance Society: ChD 17 May 2000

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 AlsoPrudential 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