Finance Act, 1982
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Chapter VII Corporation Tax: Assurance Companies | ||
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Taxation of certain profits of assurance companies. |
42.—The Corporation Tax Act, 1976 , is hereby amended, as respects accounting periods ending after the 31st day of December, 1981— | |
(a) in section 36 (3), by the substitution for paragraph (a) of the following paragraph: | ||
“(a) ‘unrelieved income’ means income which has not been excluded from charge to tax by virtue of any provision and against which no relief has been allowed by deduction or set-off, and for this purpose any deduction from, or set-off against, profits shall be treated as having been made from or against income which has not been so excluded from charge to tax to the extent of that income and, in so far as such deduction or set-off cannot be so treated by reason of a want or deficiency of such income, it shall be treated as having been made from or against chargeable gains;”, | ||
and | ||
(b) by the deletion of section 37. |