Section 24 | Application to insurance companies

(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(4)Repealed

(5)Repealed

(6)Repealed