SCHEDULE 33 Insurance Companies
Finance Act 2003 (2003 c 14) | Legislation

SCHEDULE 33 Insurance Companies

Section 170

Case I profits

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(1)     In section 83AA of the Finance Act 1989 (c 26) (amounts added to long-term insurance fund of a company in excess of company's loss), omit—

(a)     subsections (3) to (5),

(b)     subsection (6)(a),

(c)     subsection (7)(b) and the word “and†before it, and

(d)     in subsection (10), the definitions of “the relevant accounting period†and “the transferor companyâ€.

(2)     Sub-paragraph (1) has effect for periods of account beginning on or after 1st January 2003.

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(2)     Section 89 of that Act (meaning of policy holders' share of profits) is amended as follows.

(3)     In subsection (1), for the words after “references to†substitute—

“(a)     in a case where there are no Case I profits of the company for the period in respect of its life assurance business, the amount of the relevant profits, and

(b)     in any other case, the amount arrived at in accordance with subsection (1A) below.â€.

(4)     After that subsection insert—

“(1A)     An amount is arrived at in accordance with this subsection by—

(a)

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