Part 1 Deemed Receipts or Expenses
Finance Act 2012 (2012 c 14) | Legislation

SCHEDULE 17 Part 2: Transitional Provision

Section 147

Part 1 Deemed Receipts or Expenses

General outline of the provision of this Part of this Schedule

1

(1)     This Part of this Schedule makes provision, by reference to the 2012 balance sheet and the 2012 periodical return of an insurance company (see paragraphs 2 to 4), for deeming amounts to be receipts or expenses of basic life assurance and general annuity business, or non-BLAGAB long-term business, carried on by the company (see paragraphs 9(1) and (2) and 10(1) and (2)).

(2)     Those amounts are determined in accordance with provision made by or under paragraphs 5 to 8.

(3)     The deeming is to have effect for the purpose of calculating the BLAGAB trade profit or loss or (as the case may be) for the purpose of calculating for corporation tax purposes the profits of the non-BLAGAB long-term business (see paragraphs 9(3) and 10(3)).

(4)     The general rule is that, subject to exceptions, the receipts or expenses are treated as arising over a 10-year period (see paragraphs 11 to 15).

(5)     Special provision is made in relation to the operation of sections 83YC to 83YF of FA 1989 (see paragraph 16).

(6)     Anti-avoidance

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Pre-trial and case management hearings in the Crown Court

Pre-trial and case management hearings in the Crown CourtCoronavirus (COVID-19): This Practice Note contains guidance on subjects impacted by the Coronavirus Act 2020 (CA 2020). CA 2020, among other measures, makes provision for the extended use of live links and audio links in criminal proceedings.

LEXISNEXIS

Pension commencement lump sums (PCLSs)

Pension commencement lump sums (PCLSs)When a member of a pension scheme becomes entitled to receive their scheme benefits, they can usually take part as a tax-free lump sum. HMRC calls this a ‘pension commencement lump sum’ (PCLS). Taking a lump sum is usually at the option of the member who will

LEXISNEXIS

Costs and the ‘without prejudice’ rule

Costs and the ‘without prejudice’ ruleCosts determination and the ‘without prejudice’ ruleAn issue for practitioners is whether correspondence marked ‘without prejudice’ can be used against a party when the court comes to determine the issue of costs. The Court of Appeal in Walker v Wilsher (1889)

LEXISNEXIS

The British Franchise Association (BFA)

The British Franchise Association (BFA)This Practice Note examines the role and remit of the British Franchise Association (the BFA) in the franchise industry in the UK. It looks at the legislative and regulatory framework in the franchise industry, the membership criteria of the BFA, the BFA’s Code