(1)Where at the end of an accounting period the assets of an insurance company’s [F1long-term insurance] fund include—
(a)rights under an authorised unit trust, or
(b)[F2interests in an offshore fund within the meaning of [F3section 355 of TIOPA 2010]][F4, or
(c)shares in a company [F5which is, or is a member of, a UK REIT within the meaning of Part 12 of CTA 2010] (Real Estate Investment Trusts),]
then, subject to the following provisions of this section and to section 213, the company shall be deemed for the purposes of corporation tax on capital gains to have disposed of and immediately reacquired each of the assets concerned at its market value at that time.
F6(2)Subsection (1) above shall not apply to assets linked solely to [F7gross roll-up business].
F8(2A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10(6A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11(7A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F12(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 212(1) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 73(1)(a)
F2Words in s. 212(1)(b) substituted (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 127(3)(a)
F3Words in s. 212(1)(b) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 165 (with Sch. 9 paras. 1-9, 22)
F4S. 212(1)(c) and preceding word inserted (19.7.2006) by Finance Act 2006 (c. 25), s. 137
F5Words in s. 212(1)(c) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 249 (with Sch. 2)
F6Words in s. 212(2) inserted (6.4.2005) by The Child Trust Funds (Insurance Companies) Regulations 2004 (S.I. 2004/2680), regs. 1, 19
F7Words in s. 212(2) substituted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 63 (with Sch. 7 Pt. 2)
F8S. 212(2A) repealed (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 5(3)(a), Sch. 27 Pt. 2(10)
F9S. 212(3)(4)(6) repealed (27.7.1993 with effect in relation to accounting periods beginning on or after 1.1.1993) by 1993 c. 34, ss. 91(2)(b), 213, Sch. 23 Pt. III Table(8) Note
F10S. 212(5)-(7) repealed (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 127(3)(b), Sch. 2
F11S. 212(7A) repealed (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 18, Sch. 27 Pt. 2(8) (with Sch. 8 Pt. 2)
F12S. 212(8) repealed (27.7.1993 with effect as mentioned in s. 91(1)) by 1993 c. 34, ss. 91(1), 213, Sch. 23 Pt. III Table(8) Note
Modifications etc. (not altering text)
C1S. 212 modified (31.7.1992) by S.I. 1992/1655, arts. 1, 21
S. 212 amended (27.7.1993) by 1993 c. 34, s. 91(1)
S. 212 excluded (27.7.1993) by 1993 c. 34, s. 91(1)
C2S. 212 modified (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), s. 105, Sch. 15 para. 15(2)
C3S. 212 modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), regs. 1(1), 37 (as amended by S.I. 2007/2134, regs. 1(1)(2), 28)
C4S. 212 modified (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Insurance Companies (Tax Exempt Business) Regulations 2007 (S.I. 2007/2145), regs. 1(1), 13
C5S. 212 excluded by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 51(2) (as substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2008/3159, regs. 1(1), 15)
C6S. 212(1) excluded by 1988 c. 1, s. 440B(5) (as inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 28(1) (with Sch. 8 para. 55(2)))