The Offshore Funds (Tax) Regulations 2009 No. 3001

PART 2 U.K. THE TREATMENT OF PARTICIPANTS IN NON-REPORTING FUNDS

CHAPTER 3 U.K. EXCEPTIONS ETC. FROM THE CHARGE TO TAX

Long-term insurance funds of insurance companies U.K.

27.—(1) No liability to tax arises under regulation 17 in respect of disposals of assets of an insurance company's long-term insurance fund.

(2) In paragraph (1) “insurance company” and “long-term insurance fund” have the same meaning as in section 431(2) of ICTA M1 .

Marginal Citations

M1 In section 431(2), the definition of “insurance company” was substituted by S.I. 2001/3629 and amended by S.I. 2006/3270. As regards the expression “long-term insurance fund”, a definition of “long term business fund” was inserted by paragraph 1(2) of the Finance Act 1990 (c. 29) and amended by Part 5(26) of Schedule 41 to the Finance Act 1996. The definition was re-labelled as a definition of “long-term insurance fund” and further amended by S.I. 2001/3629.