9. The circumstances described in this paragraph are where the aggregate amount of connected gains [F1in the tax year] exceeds one half of the basic rate limit [F2that tax year] and, for the purposes of this paragraph, a gain is connected with another gain where–U.K.
(a)both gains arise in connection with policies or contracts containing obligations which, immediately before the relevant event in question, were obligations of the same overseas insurer;
(b)the policy holder of those policies and contracts is the same; and
[F3(c)both gains arise in the same tax year.]
Textual Amendments
F1Words in Sch. para. 9 substituted (27.10.2008) by The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(9)(a)
F2Words in Sch. para. 9 substituted (27.10.2008) by The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(9)(b)
F3Sch. para. 9(c) substituted (27.10.2008) by The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(9)(c)
Commencement Information
I1Sch. para. 9 in force at 6.4.1999, see reg. 1