SCHEDULES
SCHEDULE 10Insurance companies: miscellaneous
Losses on disposal of authorised investment fund assets to connected manager
3
In TCGA 1992, after section 210B insert—
210CLosses on disposal of authorised investment fund assets to connected manager
1
Section 18(3) does not apply in relation to a loss accruing on the disposal by an insurance company of authorised investment fund assets to the manager of the authorised investment fund.
2
In this section—
“authorised investment fund assets” means assets of the company's long-term insurance fund consisting of rights under an authorised unit trust or shares in an open-ended investment company,
“the manager of the authorised investment fund” means—
- a
in the case of an authorised unit trust, the person who is the manager of the unit trust scheme for the purposes of Chapter 3 of Part 17 of the Financial Services and Markets Act 2000, and
- b
in the case of an open-ended investment company, a director or other person having responsibility for the management of its scheme property, and
“open-ended investment company” means a company incorporated in the United Kingdom to which section 236 of the Financial Services and Markets Act 2000 applies.