Finance Act, 1993
|
Amendment of section 33A Corporation Tax Act, 1976. |
23.—Section 33A (inserted by section 44 of the Finance Act, 1992 ) of the Corporation Tax Act, 1976 , is hereby amended, as respects accounting periods ending on or after the 1st day of January, 1992, by the insertion in subsection (1) after “(in whatever manner described)” of “and excluding any payment of rent in respect of which a deduction is to be made twice by virtue of section 45 (as amended by the Finance Act, 1993) of the Finance Act, 1986 , in the computation of profits or gains”, and the said subsection (1), as so amended, is set out in the Table to this section. | |
TABLE | ||
(1) For the purposes of this section and subject to subsections (2), (3) and (4), the acquisition expenses for any period of an assurance company carrying on life assurance business shall be such of the following expenses of management, including commissions (in whatever manner described) and excluding any payment of rent in respect of which a deduction is to be made twice by virtue of section 45 of the Finance Act, 1986 , in the computation of profits or gains, as are for that period attributable to the company's life assurance business (excluding pension business and general annuity business), that is to say: | ||
(a) expenses of management which are disbursed solely for the purpose of the acquisition of business, and | ||
(b) so much of any other expenses of management which are disbursed partly for the purpose of the acquisition of business and partly for other purposes as are properly attributable to the acquisition of business, | ||
reduced by— | ||
(i) any repayment or refund receivable in the period of the whole or part of management expenses falling within paragraph (a) or (b) and disbursed by the company (for that period or any earlier period), and | ||
(ii) reinsurance commission earned by the company in that period which is referable to life assurance business (excluding pension business and general annuity business). |