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 | |
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 | |
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 | |
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.