HC Deb 23 April 1923 vol 163 c79

8. "That—

  1. (a) where an assurance company carries on both ordinary life assurance business and industrial life assurance business, the business of each such class shall for the purposes of the Income Tax Acts be treated as though it were a separate business; and
  2. (b) for the purpose of calculating the relief from Income Tax to which an assurance company is entitled under Section thirty-three of the Income Tax Act, 1918, there shall be deducted from the amount treated as expenses of management (in addition to any other amounts now required to be deducted therefrom) the amount of any profits arising from the business of granting annuities upon human life.

And it is declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act. 1913."