Section 24 — Corporation Tax Act 2009: Application to insurance companies

Application to insurance companies 24 1 This section makes provision in a case where the non-UK resident company mentioned in subsection (1) of section 21 is an insurance company.

2 In accordance with the principle in that subsection, the permanent establishment is treated as holding—

a the same or a similar quantity of assets, and b assets of the same or similar description, as would have been held by a separate and independent enterprise acting as mentioned in that subsection .

3 The assets which the permanent establishment is treated as holding in accordance with the principle in that subsection may include a proportion of assets held by the company. 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .