Revenue Note for Guidance

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Revenue Note for Guidance

Voluntary Health Insurance Board: restriction of certain losses and deemed disposal of certain assets

This section contains provisions consequential on the removal of the exemption from corporation tax of the Voluntary Health Insurance Board.

Losses incurred in an accounting period ending before 1 March, 1997 cannot be set off under section 396 by the Voluntary Health Insurance Board against income arising after that date.

Unrealised gains on financial investments which arose before the 1 March, 1997 are not to be taxable when they are disposed of. This is achieved by deeming the assets to have been disposed of and immediately reacquired at their market value on 28 February, 1997.

Relevant Date: Finance Act 2020