PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS
F1Separation of different categories of business
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.
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))