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SCHEDULES

[F1SCHEDULE 19AAU.K. OVERSEAS LIFE ASSURANCE FUND]

Textual Amendments

F1Sch. 19AA inserted (for accounting periods beginning on or after 1 January 1990) by Finance Act 1990 (c. 29), Sch.7 paras. 6, 10

5(1)Any designation of assets required for the purposes of paragraph 3 above shall be made by a company in accordance with the following provisions of this paragraph.

(2)When designating assets for the purposes of paragraph 3(1) above, a company shall not designate an asset falling within any paragraph of sub-paragraph (5) below unless it designates all assets falling within each of the preceding paragraphs of that sub-paragraph.

(3)When designating assets for the purposes of paragraph 3(3) above, a company shall not designate an asset falling within any paragraph of sub-paragraph (5) below unless it designates all assets falling within each of the succeeding paragraphs of that sub-paragraph.

(4)When an asset falls within more than one paragraph of sub-paragraph (5) below, it shall be taken for the purposes of this paragraph to fall only within the first of them.

(5)The categories of assets referred to in sub-paragraphs (2) and (3) above are—

(a)assets [F2, other than land in the United Kingdom,] linked solely to overseas life assurance business;

(b)so many of any assets denominated in an overseas currency, other than any non-overseas linked assets, as have a value at the end of the period not exceeding the amount of the company’s [F3non-linked liabilities] in respect of benefits expressed in that currency so far as referable to overseas life assurance business;

[F4(c)assets, other than land in the United Kingdom, which—

(i)are shown in the books of the company as being held as assets of a fund where all, or all but an insignificant part, of the liabilities of the fund are in respect of overseas life assurance business carried on by the company at or through a [F5permanent establishment] outside the United Kingdom; or

(ii)are managed under the control of a person whose normal place of work is at a [F5permanent establishment] outside the United Kingdom at or through which the company carries on overseas life assurance business;

(d)assets other than land in the United Kingdom;

(e)land in the United Kingdom;]

but assets linked solely to [F6pension business, life reinsurance business or basic life assurance and general annuity business] are not within any paragraph of this sub-paragraph (and may not be designated for the purposes of paragraph 3 above).

[F7(5A)For the purposes of sub-paragraph (5)(a) above, in determining whether assets are linked solely to overseas life assurance business, assets linked to policies or contracts which, by virtue of regulation 18 or 19 of the Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995 M1 are to be treated as referring to basic life assurance and general annuity business, shall be treated as linked solely to overseas life assurance business.]

(6)For the purposes of sub-paragraph (5)(b) above assets are “non-overseas linked assets” if they are linked assets and none of the policies or contracts providing for the benefits concerned are policies or contracts the effecting of which constitutes the carrying on of overseas life assurance business.

[F8(6A)For the purposes of sub-paragraph (5)(b) above “non-linked liabilities" means liabilities other than liabilities in respect of benefits to be determined by reference to the value of linked assets [F9falling within sub-paragraph (5)(a) above].]

(7)F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2Words in Sch. 19AA para. 5(5)(a) 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. 5(a)

F3Words in Sch. 19AA para. 5(5)(a) substituted (1.9.2000 with effect in accordance with art. 1 of the amending S.I.) by The Overseas Life Assurance Fund (Amendment) Order 2000 (S.I. 2000/2188), art. 4(2)(a)

F4Sch. 19AA para. 5(5)(c)-(e) substituted for para. 5(5)(c)-(g) (1.9.2000 with effect in accordance with art. 1 of the amending S.I.) by The Overseas Life Assurance Fund (Amendment) Order 2000 (S.I. 2000/2188), art. 4(2)(b)

F5Words in Sch. 19AA para. 5(5)(c) substituted (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(1)(a)

F6Words in Sch. 19AA para. 5(5) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 8

F7Sch. 19AA para. 5(5A) inserted (31.12.2004 with effect in accordance with art. 1 of the amending S.I.) by The Overseas Life Assurance Fund (Amendment) Order 2004 (S.I. 2004/3275), art. 3(2)

F8Sch. 19AA para. 5(6A) inserted (1.9.2000 with effect in accordance with art. 1 of the amending S.I.) by The Overseas Life Assurance Fund (Amendment) Order 2000 (S.I. 2000/2188), art. 4(3)

F9Words in Sch. 19AA para. 5(6A) inserted (31.12.2004 with effect in accordance with art. 1 of the amending S.I.) by The Overseas Life Assurance Fund (Amendment) Order 2004 (S.I. 2004/3275), art. 3(3)

F10Sch. 19AA para. 5(7) omitted (1.9.2000 with effect in accordance with art. 1 of the amending S.I.) by virtue of The Overseas Life Assurance Fund (Amendment) Order 2000 (S.I. 2000/2188), art. 4(4)

Modifications etc. (not altering text)

C1Sch. 19AA para. 5 modified (20.3.1997 with effect in accordance with reg. 1(2) of the modifying S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473), reg. 31

C2Sch. 19AA para. 5 modified (12.8.2005 with effect in accordance with reg. 1(2) of the modifying S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), regs. 1(1), 25; and that modifying reg. 25 is omitted (14.8.2007 with effect in accordance with reg. 1(2) of the revoking S.I.) by virtue of S.I. 2007/2134, regs. 1(1), 23

Marginal Citations