Finance Act, 1993
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Life assurance companies: amendment of section 29 (taxation of income deemed to arise on certain sales of securities) of Finance Act, 1984. |
21.— Section 29 of the Finance Act, 1984 , is hereby amended, as respects accounting periods beginning on or after the 1st day of January, 1993, in paragraph (b) of subsection (2A) by the deletion of “unless the trade consists wholly or partly of a life business the profits of which are not assessed to corporation tax under Case I of Schedule D for that accounting period” and the said paragraph (b), as so amended, is set out in the Table to this section. | |
TABLE | ||
(b) If the owner is a person carrying on a trade which consists wholly or partly of dealing in securities the profits of which are chargeable to income tax or corporation tax under Case I of Schedule D for the year of assessment or, as the case may be, the accounting period in respect of which the consideration for the sale is taken into account in computing for the purposes of assessment to income tax or corporation tax for that year or accounting period the profits of the trade, or |