Underwriters' Premiums Trust Funds

Part of Orders of the Day — Finance Bill – in the House of Commons at 12:15 am on 10 July 1985.

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(3) For the purposes of the application of the enactments relating to indexation in accordance with sub-paragraph (1) above, it shall be assumed—

  1. (a) that assets forming part of a fund are disposed of and immediately reacquired on the last day of each accounting period; and
  2. (b) that the indexation allowance computed for that accounting period is allocated to the corresponding underwriting year in the same proportion as the gains or losses referred to in paragraph 6(2) of the said Schedule 16'.—[Mr. Peter Rees.]