The Insurance Companies (Overseas Life Assurance Business) (Excluded Business) Regulations 2000 No. 2089

Circumstances where business not excluded from section 431D

7.  The circumstances set out in this regulation are where—

(a) the business is term assurance business; or

(b) the policy or contract for the business is held for the purposes of, or in connection with, a scheme where the Board—

(i) have approved schemes of the same class or description for the purposes of the Income Tax (Pension Funds Pooling Schemes) Regulations 1996(1); or

(ii) have been satisfied that schemes of the same class or description are such as are mentioned in section 596(2)(b); or

(c) the policy or contract for the business is held solely to provide benefits for or in respect of—

(i) persons all, or all but an insignificant number, of whom are relevant overseas employees or relevant former employees, or

(ii) spouses, widows, widowers, children or dependants of such persons.

(1)

S.I. 1996/1585.