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4[F2(1)The amount referred to in paragraph 3 above shall be determined by the formula—
where—
A is the liabilities of the company’s overseas life assurance business at the end of the period of account,
B is the appropriate part of the investment reserve at that time,
C is the value, at that time, of any land in the United Kingdom which is an asset linked solely to the company’s overseas life assurance business, and
D is the relevant fraction of the value, at that time, of any land in the United Kingdom which is an asset linked both to the company’s overseas life assurance business and to some other category of business.]
(2)In [F3sub-paragraph (1) above, in B,] the “appropriate part”, in relation to the investment reserve [F4(within the meaning of section 432A)], means—
(a)where all of the liabilities of the long term business are linked liabilities, the part of that reserve which bears to the whole the same proportion as the amount of the liabilities of the overseas life assurance business bears to the whole amount of the liabilities of the long term business,
(b)where any of the liabilities of the long term business are not linked liabilities but none (or none but an insignificant proportion) are with-profits liabilities, the part of that reserve which bears to the whole the same proportion as the amount of the liabilities of the overseas life assurance business which are not linked liabilities bears to the whole amount of the liabilities of the long term business which are not linked liabilities, and
(c)in any other case, the part of that reserve which bears to the whole the same proportion as the amount of the with-profits liabilities of the overseas life assurance business bears to the whole amount of the with-profits liabilities of the long term business;
and in this sub-paragraph “linked liabilities” means liabilities in respect of benefits to be determined by reference to the value of linked assets.
[F5(3)In this Schedule “land” includes buildings and other structures, land covered with water, and any estate, interest, easement, servitude, right or licence in or over land.
(4)In sub-paragraph (1) above, in D, “the relevant fraction” is the fraction of which—
(a)the numerator is the value, at the end of the period of account, of such of the liabilities of the company’s overseas life assurance business as were liabilities in respect of benefits to be determined by reference to the value of the asset; and
(b)the denominator is the value, at that time, of all the liabilities of the company’s long term business which were liabilities in respect of benefits to be so determined.]
Textual Amendments
F2Sch. 19AA para. 4(1) substituted (10.1.1995 with effect in accordance with art. 1 of the amending S.I.) by The Overseas Life Assurance Fund (Amendment) Order 1994 (S.I. 1994/3278), art. 4(1)
F3Words in Sch. 19AA para. 4(2) substituted (10.1.1995 with effect in accordance with art. 1 of the amending S.I.) by The Overseas Life Assurance Fund (Amendment) Order 1994 (S.I. 1994/3278), art. 4(2)
F4Words in Sch. 19AA para. 4(2) inserted (with effect in accordance with s. 109(10) of the amending Act) by Finance Act 2000 (c. 17), s. 109(9)(b)
F5Sch. 19AA para. 4(3)(4) inserted (10.1.1995 with effect in accordance with art. 1 of the amending S.I.) by The Overseas Life Assurance Fund (Amendment) Order 1994 (S.I. 1994/3278), art. 4(3)
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