435 Taxation of gains reserved for policy holders and annuitants
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

435  Taxation of gains reserved for policy holders and annuitants

(1)ÌýÌýÌýÌý This section has effect in relation to any accounting period of an insurance company carrying on life assurance business and for the purposes of this section—

(a)ÌýÌýÌýÌý the life assurance gains are such part of the amount to be included, in accordance with section 345, in the company's total profits as is attributable to gains from investments held in connection with the company's life assurance business;

(b)ÌýÌýÌýÌý the policy holders' share of the

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