Taxation of Chargeable Gains Act 1992

[F1 8 (1) In subsections (2)(a) and (3) of section 185, the words “ or (4A) ”shall be treated as inserted after the words “subsection (4)”. U.K.

(2) The following subsections shall be treated as inserted after subsection (4) of that section —

“(4A) Subject to subsection (4B) below, if at any time after the relevant time the company is an overseas life insurance company —

(a) any assets of its [F2 long-term insurance] fund which, immediately after the relevant time —

(i) are situated outside the United Kingdom and are used or held for the purposes of the branch or agency in the United Kingdom through which the company carries on life assurance business; or

(ii) are attributed to the branch or agency by virtue of section 11B of the Taxes Act,

shall be excepted from subsection (2) above; and

(b) any new assets of its [F2 long-term insurance] fund which, after that time —

(i) are so situated and are so used or held; or

(ii) are so attributed,

shall be excepted from subsection (3) above.

(4B) Subsection (4A) above shall not apply if the relevant time falls before the relevant day; and for the purposes of this subsection the relevant day is the first day of the company's first accounting period to begin after 31st December 1992.”

(3) In subsection (5) of that section, the following paragraph shall be treated as inserted after paragraph (b) —

“(ba) “life assurance business” and “[F2 long-term insurance] fund” have the meanings given by section 431(2) of the Taxes Act;”]

Textual Amendments

F1 Sch. 7B inserted (27.7.1993) by 1993 c. 34, s. 102(2), Sch.11

F2 Words in Sch. 7B para. 8(2)(3) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 73(1)(b)