Finance Act, 1990
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Amendment of section 116 (kinds of group relief) of Corporation Tax Act, 1976 . |
44.—(1) Section 116 of the Corporation Tax Act, 1976 , is hereby amended as respects any accounting period ending on or after the 1st day of June, 1990, by the addition of the following subsection after subsection (9): | |
“(10) (a) References in the preceding subsections to a surrendering company do not include references to a company carrying on life business. | ||
(b) For the purposes of this section ‘life business’ shall be construed in accordance with section 50 (1).”. | ||
(2) (a) For the purposes of subsection (1) and the application of section 116 of the Corporation Tax Act, 1976 , to the surrender of relief by a company carrying on life business where an accounting period begins before the 1st day of June, 1990, and ends on or after that day, that period shall be divided into one part, beginning on the day on which the accounting period begins and ending on the 31st day of May, 1990, and another part beginning on the 1st day of June, 1990, and ending on the day on which the accounting period ends, and both parts of the accounting period shall be treated as if they were separate accounting periods. | ||
(b) In this subsection “life business” shall be construed in accordance with section 50 (1) of the Corporation Tax Act, 1976 . |