Income Tax (Trading and Other Income) Act 2005

545 Minor definitions U.K.

(1) In this Chapter—

• F1 ...

• “contract of insurance” has the meaning given by Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544),

• “friendly society” has the meaning given in the Friendly Societies Act 1992 (c. 40) and includes a society which under section 96(2) of that Act is to be treated as a registered friendly society,

• “insurance company” means an undertaking carrying on the business of effecting or carrying out contracts of insurance,

• “market value” has the meaning given by sections 272 and 273 of TCGA 1992,

• “non-charitable trust” means a trust other than a charitable trust, and

• “policy” means a policy of life insurance or a capital redemption policy.

(2) References in this Chapter to a premium include a reference to—

(a) lump sum consideration, and

(b) property other than cash transferred to the insurance company in satisfaction of a premium.

(3) References in this Chapter to the amount of premiums paid include a reference to—

(a) the amount of lump sum consideration paid by way of premium, and

(b) the market value at the date of transfer of property other than cash transferred to the insurance company in satisfaction of any premium.

Textual Amendments

F1 Words in s. 545(1) omitted (with effect in accordance with art. 15 of the commencing S.I.) by virtue of Finance Act 2010 (c. 13), Sch. 6 paras. 21(3), 34(2); S.I. 2012/736, art. 15

Modifications etc. (not altering text)

C1 S. 545(1) applied by 1988 c. 1, Sch. 15 Pt. A1 para. A5(4)(b) (as inserted (17.7.2013) by Finance Act 2013 (c. 29), Sch. 9 para. 2)