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 tax at the full rate, and not merely at the rate set for the policy holders’ share.
Times 24-Jul-1999
Finance Act 1989 88(3)
England and Wales
Cited by:
See Also – 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. . .
Lists of cited by and citing cases may be incomplete.
Updated: 01 October 2021; Ref: scu.85068
