Section 24 | Application to insurance companies ^F1

(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.^F1

(2)In accordance with the principle in that subsection, the permanent establishment is treated as holding—^F1F2

(a)the same or a similar quantity of assets, and^F1

(b)assets of the same or similar description,^F1

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.^F1

(4)Repealed^F3

(5)Repealed^F4

(6)Repealed^F5