PART 2Insurance companies carrying on long-term business

CHAPTER 11Definitions

141Index of defined terms, etc

1

In this Part the following expressions are defined or otherwise explained by the provisions indicated—

Expression

Where explained

basic life assurance and general annuity business (abbreviated to “BLAGAB”)

sections 57 and 67(5)

BLAGAB trade loss

section 136

BLAGAB trade profit

section 136

closing

section 139(1)

contract of insurance

section 64

contract of long-term insurance

section 64

debiting or crediting an amount in accounts drawn up by a company

section 139(2) and (3)

derivative contract

section 139(1)

excess BLAGAB expenses

section 73

fair value

section 139(1)

HMRC Commissioners

section 139(1)

I - E profit

section 73

the I - E rules

section 70(1) and (2)

insurance business transfer scheme

section 139(1)

insurance company

section 65

insurance special purpose vehicle

section 139(1)

liabilities

section 139(1)

life assurance business

section 56

long-term business

section 63(1)

long-term business fixed capital

section 137

matched (in case of assets matched to a BLAGAB liability or other long-term business liability)

section 138

non-BLAGAB long-term business

sections 66 and 67

non-taxable distributions

section 94(4) and (5)

overseas life insurance company

section 139(1)

PHI business

section 63(2)

re-insurance

section 139(1)

UK life insurance company

section 139(1)

with-profits fund

section 139(1)

2

The expressions in the above table have the same meaning in any other provision of the Corporation Tax Acts that makes special provision in relation to—

a

insurance companies,

b

any category of life assurance business carried on by insurance companies, or

c

long-term business carried on by insurance companies.