Part VI Companies, oil, insurance etc.
Chapter III Insurance
C1C2C4C3C5C6212 Annual deemed disposal of holdings of unit trusts etc.
1
Where at the end of an accounting period the assets F9held by an insurance company for the purposes of its long-term business include—
a
rights under an authorised unit trust, or
F13ba
units in an authorised contractual scheme which is a co-ownership scheme, or
c
shares in a company F8which 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.
F102
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F52A
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F13
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F14
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F75
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F16
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F76A
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F77
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F47A
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F28
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F119
This section applies to an overseas life insurance company as if references in subsection (1) to assets were to such of the assets concerned as are UK assets.
10
Assets (whether situated in the United Kingdom or elsewhere) are “UK assets” if, in accordance with the provision made by or under Chapter 4 of Part 2 of CTA 2009, they fall to be attributed to the permanent establishment in the United Kingdom through which the company carries on life assurance business.