3(1)For the purposes of paragraph 2 above a company holds currency in exempt circumstances at a given time if—
(a)the purposes for which it then holds the currency are or include any of the purposes mentioned in sub-paragraph (2) below,
(b)it is a housing association approved at that time for the purposes of section 488 of the Taxes Act 1988, or
(c)it is a self-build society approved at that time for the purposes of section 489 of that Act.
(2)The purposes referred to in sub-paragraph (1)(a) above are—
(a)the purposes of long term insurance business;
(b)the purposes of mutual insurance business;
(c)the purposes of the occupation of commercial woodlands.
(3)In this paragraph—
“long term insurance business” means insurance business of any of the classes specified in Schedule 1 to the M1Insurance Companies Act 1982;
“commercial woodlands” means woodlands in the United Kingdom which are managed on a commercial basis and with a view to the realisation of profits.
Modifications etc. (not altering text)
C1Sch. 17 para. 3 applied (with modifications) (29.4.1996) by 1992 c. 12, ss. 117A, 117B (as inserted (29.4.1996) by 1996 c. 8, s. 104, Sch. 14 para. 62)
Marginal Citations