PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES

CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS

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.