Finance Act, 1993
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Life assurance companies: amendment of section 16 (relief for trading losses other than terminal losses) of Corporation Tax Act, 1976. |
22.— Section 16 of the Corporation Tax Act, 1976 , is hereby amended as respects accounting periods ending on or after the 1st day of January, 1993, by the insertion of the following proviso to subsection (5)— | |
“Provided that where expenses of management of an assurance company (within the meaning of section 50) are deductible under section 15 from the profits of the accounting period in which they were incurred, or of any accounting period subsequent to that period, those expenses shall not be taken into account in computing a loss incurred in a trade of the company.”. |