431D Meaning of “overseas life assurance business”.U.K.
[F1(1)In this Chapter “overseas life assurance business” means so much of a company's relevant life assurance business as is with a policy holder or annuitant not residing in the United Kingdom (but not including the reinsurance of such business).
(1A)In subsection (1) above “relevant life assurance business” means life assurance business other than—
(a)pension business
(b)individual savings account business,
(c)child trust fund business, and
(d)business of any description prescribed by regulations made by the Commissioners for Her Majesty's Revenue and Customs.]
[F2(2)Regulations under subsection [F3(1A)] above may describe the excluded business by reference to any circumstances appearing to the Board to be relevant.
(3)The Board may by regulations—
(a)make provision as to the circumstances in which a trustee who is a policy holder or annuitant residing in the United Kingdom is to be treated for the purposes of this section as not so residing; and
(b)provide that nothing in Chapter II of Part XIII [F4or Chapter 9 of Part 4 of ITTOIA 2005] shall apply to a policy or contract which constitutes overseas life assurance business by virtue of any such provision as is mentioned in paragraph (a) above.
(4)Regulations under subsection [F3(1A)] or (3) above may contain such supplementary, incidental, consequential or transitional provision as appears to the Board to be appropriate [F5(including provision amending any enactment or any instrument made under an enactment)].]
Textual Amendments
F1S. 431D(1)(1A) substituted for s. 431D(1) (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 9(2) (with Sch. 7 Pt. 2)
F2S. 431D(2)-(4) substituted for s. 431D(2)-(8) (28.7.2000) by Finance Act 2000 (c. 17), s. 108(2) (with s. 108(3))
F3Words in s. 431D(2)(4) substituted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 9(3) (with Sch. 7 Pt. 2)
F4Words in s. 431D(3)(b) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 176 (with Sch. 2)
F5Words in s. 431D(4) inserted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 9(4) (with Sch. 7 Pt. 2)