The Life Assurance (Apportionment of Receipts of Participating Funds) (Applicable Percentage) Order 2003

• Citation: S.I. 2003/1860
• Sections: 3

Section 1 Citation, commencement and effect

(1) This Order may be cited as the Life Assurance (Apportionment of Receipts of Participating Funds) (Applicable Percentage) Order 2003 and shall come into force on 7th August 2003.

(2) This Order has effect for periods of account ending on or after 7th August 2003.

Section 2 Determination of applicable percentage

The applicable percentage for the purposes of subsection (3) of section 432E of the Income and Corporation Taxes Act 1988 is—

Here—

A is the net amount referred to in subsection (1) of that section as brought into account for the period in question for the purposes of section 83(2) of the Finance Act 1989 in respect of the relevant business less the part of that net amount which is attributable to linked assets, and

B is the mean of the opening and closing liabilities of the relevant business reduced by the opening and closing values of any assets of the relevant business which are linked assets.

Section 3 Revocations

The following orders are revoked—

(a) the Life Assurance (Apportionment of Receipts of Participating Funds) (Applicable Percentage) Order 1990 ;

(b) the Life Assurance (Apportionment of Receipts of Participating Funds) (Applicable Percentage) (Amendment) Order 1990 ;

(c) the Life Assurance (Apportionment of Receipts of Participating Funds) (Applicable Percentage) (Amendment) Order 1995 ;

(d) the Life Assurance (Apportionment of Receipts of Participating Funds) (Applicable Percentage) (Amendment) Order 1998 .