The tax exemption attracted to interest on some government securities in favour of foreign residents was lost by a foreign resident company when it carried on a long term life assurance business here on a mutual basis through an office here. The interest was taxable under Schedule C. The business profits restriction in the Act was the income minus expenditure basis. The business described was a trade.
Citations:
Times 22-Nov-2000
Statutes:
Jurisdiction:
England and Wales
Corporation Tax
Updated: 04 June 2022; Ref: scu.83390
