PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES

C5C6C7CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS

Annotations:
Modifications etc. (not altering text)
C5

Definitions in Pt. XII Chapter I (ss. 431-458) applied by Finance Act 1991 (c. 31, SIF 63:1), s. 48, Sch. 7 paras. 16(7), 18

C6

Pt. XII Chapter I (ss. 431-458) applied (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 212(7)(b), 289 (with ss. 60, 101(1), 171, 201(3))

F1Separation of different categories of business

Annotations:
Amendments (Textual)
F1

Cross-heading before s. 432 inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 51(2) (with Sch. 8 para. 55(2))

F2C1C3432AA Schedule A business or overseas property business.

1

An insurance company is treated as carrying on separate Schedule A businesses, or overseas property businesses, in accordance with the following rules.

2

The exploitation of land held as an asset of the company’s F3long-term insurance fund is treated as a separate business from the exploitation of land not so held.

3

The exploitation of land held as an asset of the company’s overseas life assurance fund is treated as a separate business from the exploitation of other land held as an asset of its F3long-term insurance fund.

C2C44

The exploitation of land held as an asset linked to any of the following categories of business is regarded as a separate business—

a

pension business;

b

life reinsurance business;

c

basic life assurance and general annuity business;

d

F4long-term business other than life assurance business.

5

Accordingly, the exploitation of land held as an asset of the company’s F3long-term insurance fund otherwise than as mentioned in subsection (3) or (4) is treated as a separate business from any other.

6

In this section “land” means any estate, interest or rights in or over land.