The Insurance Companies (Tax Exempt Business) Regulations 2007 No. 2145

Interpretation

2. In these Regulations—

“the Taxes Act 1988” means the Income and Corporation Taxes Act 1988;

“tax exempt business” means business which is exempt from corporation tax by virtue of any of the following provisions of the Taxes Act 1988—

(a)

section 460(11) or (12)(1);

(b)

section 461(4) or (4A)(2); and

(c)

section 461B(5) or (6A)(3).

(1)

Section 460(12) was substituted by paragraph 1(4) of Schedule 12 to the Finance Act 2007.

(2)

Section 461(4A) was inserted by paragraph 4(2) of Schedule 12 to the Finance Act 2007.

(3)

Subsection (6A) of section 461B, together with subsections (6), (6A) and (6B), was substituted for subsection (6) of that section by paragraph 5(2) of Schedule 12 to the Finance Act 2007.