
1 

(1) These Regulations may be cited as the Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) (Amendment) Regulations 2003 and shall come into force on 7th August 2003.
(2) These Regulations have effect in relation to distributions made on or after 9th April 2003 in accounting periods beginning before (as well as accounting periods ending on or after) 7th August 2003.
2 

(1) Regulation 22 of the Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) Regulations 1999 (life assurance companies) is amended as follows.
(2) In paragraph (1) for “The policy holders' share of the franked investment income held in connection with a company's” substitute “So much of the policy holders' share of the franked investment income from investments of a company’s long-term insurance fund as is referable to its”.
(3) In paragraph (3) after ““life assurance business”” insert “and “long-term insurance fund””.
Jim Murphy
Nick Ainger
Two of the Lords Commissioners of Her Majesty’s Treasury
17th July 2003