Finance Act 2007

Generalisation of definitions U.K.

11 (1) Section 431 of ICTA (interpretative provisions relating to insurance companies) is amended as follows. U.K.

(2) For subsection (1) substitute—

“(1) This section has effect for the interpretation of the life assurance provisions of the Corporation Tax Acts.”

(3) In subsection (2), insert at the appropriate place—

““the life assurance provisions of the Corporation Tax Acts” means—

(a) the provisions of this Chapter so far as relating to life assurance business, companies carrying on such business and friendly societies, and

(b) any other provisions of the Corporation Tax Acts making separate provision by reference to whether or not the business of a company is or includes life assurance business or any category of business that includes life assurance business;”.

12 (1) Section 431A (power to amend) is amended as follows. U.K.

(2) In subsection (1), for “insurance company taxation provision” substitute “ of the life assurance provisions of the Corporation Tax Acts ”.

(3) Omit subsection (7).

13 U.K. In section 83A(1) of FA 1989 (“brought into account”)—

(a) omit “In sections 82A to 83B”, and

(b) for “those sections” substitute “ sections 82A to 83ZA ”.

14 (1) Omit the following provisions. U.K.

(2) In ICTA—

(a) in section 12(7B), the words from the beginning to the end of the definition of “contracts of long-term insurance”,

(b) in section 76(15), “and other expressions have the same meaning as in Chapter 1 of Part 12”,

(c) in section 587B(9), “ “life assurance business” and related expressions have the same meaning as Chapter 1 of Part 12;”,

(d) in section 755A(12), the definition of “long-term insurance fund”,

(e) section 804F, and

(f) in paragraph 14(1) of Schedule 28AA, the definition of “insurance company”.

(3) In FA 1989—

(a) in section 85(2A), the second sentence,

(b) in section 89(6), the words from the beginning to “; and”, and

(c) section 90A.

(4) In paragraph 16(7) of Schedule 7 to FA 1991, the words from “and, subject to that,” to the end.

(5) In TCGA 1992—

(a) section 214BA, and

(b) paragraph 17(5) of Schedule 7AC.

(6) In FA 1996—

(a) in section 87A(2), “, within the meaning of Chapter 1 of Part 12 of the Taxes Act 1988,” and “(see section 431(2) of that Act)”,

(b) section 88(7),

(c) in paragraph 12(9) of Schedule 9, the definitions of “contracts of long-term insurance” and “overseas life insurance company”,

(d) in paragraph 20(3)(b) of that Schedule, “, within the meaning of Chapter 1 of Part 12 of the Taxes Act 1988,” and “(see section 431(2) of that Act)”, and

(e) in Schedule 11, paragraph 6.

(7) In paragraph 13(3) of Schedule 18 to FA 1998, the words after “1988”.

(8) In CAA 2001—

(a) section 257(3),

(b) section 544(5), and

(c) section 560(5)(a) and (c).

(9) In paragraph 31(1) of Schedule 22 to FA 2001, the definitions of “insurance company” and “life assurance business”.

(10) In FA 2002—

(a) in section 66(5), the words from the beginning to the end of the definition of “long-term insurance fund”,

(b) in paragraph 19(1) of Schedule 12, the definition of “life assurance business”,

(c) in paragraph 10(4) of Schedule 22, the words before the definition of “transfer scheme”,

(d) in Schedule 26—

(i) in sub-paragraph (1) of paragraph 12, the references to the expressions “Integrated Prudential Sourcebook” and “long-term insurance fund”,

(ii) sub-paragraphs (15) and (16) of that paragraph, and

(iii) in paragraph 54(1), the definitions of “insurance company”, “life assurance business”, “long-term insurance business” and “contract of long-term insurance”, and

(e) in Schedule 29, in paragraph 89(3), the definition of “contracts of long-term insurance” and paragraph 138(1).

(11) In Schedule 23 to FA 2003—

(a) in paragraph 30, the definitions of “insurance company” and “life assurance business”, and

(b) in paragraph 31, the entries relating to those definitions.

(12) Section 134(4)(c) of FA 2006.