63Meaning of “long-term business” and “PHI business”U.K.
This section has no associated Explanatory Notes
(1)For the purposes of this Part “long-term business” means—
(a)life assurance business, or
(b)other business which consists of the effecting or carrying out of contracts of long-term insurance.
(2)For the purposes of this Part “PHI business” means the other business mentioned in subsection (1)(b).
Modifications etc. (not altering text)
C1S. 63 modified (31.12.2012) by The Friendly Societies (Modifications of the Tax Acts) Regulations 2012 (S.I. 2012/3008), regs. 1(1), 7 (with regs. 1(2), 2)