Point in time view as at 06/04/2009.
Finance Act 2007, Cross Heading: Non-profit companies, non-profit funds and with-profits funds is up to date with all changes known to be in force on or before 03 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
8(1)In section 431(2) of ICTA (interpretative provisions relating to insurance companies) insert at the appropriate place—U.K.
““non-profit company”, in relation to a period of account, means a company carrying on long-term business where, at the end of the period—
(a)none of the liabilities of that business, or
(b)none but an insignificant proportion of those liabilities,
are with-profits liabilities;”,
““non-profit fund” means a fund that is not a with-profits fund;”, and
““with-profits fund” has the meaning given by the Prudential Sourcebook (Insurers);”.
(2)Omit—
(a)in section 432YA(5) of ICTA, the definitions of “non-profit company” and “non-profit fund”,
(b)section 82D(5) of FA 1989,
(c)in section 83YA of that Act, subsection (8) and, in subsection (11), the definition of “with-profits fund”, and
(d)in section 83A of that Act, in subsections (2)(b) and (3D)(b) “(see subsection (6))” and subsection (6).
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