Commentary

D4.1005 Overseas life assurance business: Credit relief restriction

Corporate tax
Corporate tax | Commentary

D4.1005 Overseas life assurance business: Credit relief restriction

Corporate tax | Commentary

D4.1005 Overseas life assurance business: Credit relief restriction

For accounting periods beginning on or after 1 January 2007 and before 1 January 2013, the trading profits of overseas life assurance business are taxed as part of the composite gross roll up category. (Prior to this the profits were taxed under Schedule D Case VI). See D7.585 for details. For accounting periods beginning on or after 1 January 2013 they are taxed as part of the company's long-term business, see D7.404.

Any foreign tax charged by any territory by reference to trading profit arising in that territory is allowed as a credit against UK tax charged under CTA 2009, s 35 (trading profits) or, for accounting periods beginning before 1 January 2013, ICTA 1988, s 436A (gross roll

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