Finance Act 2007

Non-profit companies, non-profit funds and with-profits funds U.K.

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).