Finance Act 1996

Interpretation of Part I U.K.

6 U.K. In this Part of this Schedule—

• “basic life assurance and general annuity business” and “ [F1 long-term] business” have the same meanings as in Chapter I of Part XII of the Taxes Act 1988;

• “capital redemption business” means any capital redemption business, within the meaning of section 458 of that Act, which is business to which that section applies;

• “the I minus E basis” means the basis commonly so called (under which a company carrying on life assurance business or capital redemption business is charged to tax on that business otherwise than under Case I of Schedule D);

• “life assurance business” includes any annuity business within the meaning of Chapter I of Part XII of that Act.

Textual Amendments

F1 Words in Sch. 11 para. 6 substituted (1.12.2001) by S.I. 2001/3629, art. 96(1)(b)(iv)

Modifications etc. (not altering text)

C1 Sch. 11 para. 6 modified (23.3.1999) by S.I. 1999/498, reg. 15(5)