Taxation of Chargeable Gains Act 1992

[F1Special rules for assets of [F2insurance company held for the purposes of its long-term business]U.K.

Textual Amendments

F1Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1

F2Words in Sch. 7AC para. 17 cross-heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(8)

17(1)In the following two cases paragraph 8(1) (meaning of substantial shareholding) has effect as if, in paragraphs (a), (b) and (c), “30%" were substituted for “10%".U.K.

(2)The first case is where the investing company is an insurance company and the disposal is of an asset [F3held by it for the purposes of its long-term business].

(3)The second case is where—

(a)the investing company is a 51% subsidiary of an insurance company, and

(b)the insurance company holds as an asset [F4for the purposes of its long-term business] shares or an interest in shares—

(i)in the investing company, or

(ii)in another company through which it owns shares in the investing company.

The reference in paragraph (b)(ii) to owning shares through another company has the same meaning as in [F5Chapter 3 of Part 24 of CTA 2010] (subsidiaries).

(4)Where the investing company is a member of a group that includes an insurance company, paragraph 9 (aggregation of holdings of group companies) does not apply in relation to shares or an interest in shares held by the insurance company [F6for the purposes of its long-term business].

[F7(4A)The reference in sub-paragraph (2) to an asset [F8held by the investing company for the purposes of its long-term business], and the references in sub-paragraphs (3) and (4) to shares or an interest in shares held [F9for the purposes of its long-term business], do not include [F10an asset or assets which formed part of the long-term business fixed capital of the company in question].]

F11(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ]

Textual Amendments

F3Words in Sch. 7AC para. 17(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(4)

F4Words in Sch. 7AC para. 17(3)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(5)

F5Words in Sch. 7AC para. 17(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 269(4) (with Sch. 2)

F6Words in Sch. 7AC para. 17(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(6)

F7Sch. 7AC para. 17(4A) inserted (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 2(5)

F8Words in Sch. 7AC para. 17(4A) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(7)(a)

F9Words in Sch. 7AC para. 17(4A) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(7)(b)

F10Words in Sch. 7AC para. 17(4A) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(7)(c)

F11Sch. 7AC para. 17(5) repealed (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 14(5)(b), Sch. 27 Pt. 2(10)

Modifications etc. (not altering text)