HC Deb 17 May 1915 vol 71 cc1996-7

(1) That it is expedient that assurance companies be assessed and charged to Income Tax suparately in respect of each class of business carried on by them.

(2) That, in ascertaining whether a company carrying on life insurance business has sustained a loss in respect of that business, any income of the company derived from its life insurance investments shall be treated as part of the profits of the company acquired in that business.

(3) That the amount of annuities which a company carrying on the business of granting annuities is entitled, for the purposes of Sub-section (3) of Section twenty-four of The Customs and Inland Revenue Act, 1888, to treat as having been paid out of profits or gains brought into charge to Income Tax shall not exceed the amount of the taxed income of its annuity fund.

(4) That an assurance company not having its head office in the United Kingdom, but doing assurance business through any branch or agency in the United Kingdom, shall be charged to Income Tax on its income from investments, wherever received, in proportion to the amount of business done by the company in the United Kingdom.

(5) That a person shall not be entitled under Section fifty-four of The Income Tax Act, 1853 (as amended by any subsequent enactment), to deduct from profits or gains—

  1. (a) In respect of any premium or other payment payable for securing a capital sum on death (whether in conjunction with any other benefit or not) more than 5 per cent. of that capital sum; and
  2. (b) In respect of any premiums or payments to which that section applies 1997 payable for securing any other benefits more than fifty pounds in all;
and the relief under that Section by way of repayment of Tax, and the deductions from income allowed for the purposes of Super-tax under Sub-section (2) of Section sixty-six of The Finance (1909–10) Act, 1910, shall be accordingly limited.—[The Attorney-General.]