Finance Act 2007

Income and Corporation Taxes Act 1988 (c. 1)

9 (1) Section 431D (meaning of “overseas life assurance business”) is amended as follows.

(2) For subsection (1) substitute—

“(1) In this Chapter “overseas life assurance business” means so much of a company’s relevant life assurance business as is with a policy holder or annuitant not residing in the United Kingdom (but not including the reinsurance of such business).

(1A) In subsection (1) above “relevant life assurance business” means life assurance business other than—

(a) pension business

(b) individual savings account business,

(c) child trust fund business, and

(d) business of any description prescribed by regulations made by the Commissioners for Her Majesty’s Revenue and Customs.”

(3) In subsections (2) and (4), for “(1)” substitute “(1A)”.

(4) In subsection (4), insert at the end “(including provision amending any enactment or any instrument made under an enactment)”.