Valid from 19/07/2007
[F1436BGains referable to gross roll-up business not to be chargeable gainsU.K.
(1)Gains referable to gross roll-up business are not chargeable gains.
(2)For the purposes of this section “gains referable to gross roll-up business” means gains which—
(a)accrue to an insurance company on the disposal by it of assets of its long-term insurance fund, and
(b)are referable (in accordance with section 432A) to gross roll-up business.]
Textual Amendments
F1Ss. 436A, 436B inserted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 25 (with Sch. 7 Pt. 2)